SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

disallowance in the hands of various Group concerns. Thereafter, another search and seizure operation on 21/02/2014 was initiated by the Department at the business premises alongwith residential / business premises of the Directors and other related persons of BPSL. 6.3 The AO also observed that various new evidences in the form of soft as well as hard data including statements

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

disallowance in the hands of various Group concerns. Thereafter, another search and seizure operation on 21/02/2014 was initiated by the Department at the business premises alongwith residential / business premises of the Directors and other related persons of BPSL. 6.3 The AO also observed that various new evidences in the form of soft as well as hard data including statements

SMT. AARTI SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

disallowance in the hands of various Group concerns. Thereafter, another search and seizure operation on 21/02/2014 was initiated by the Department at the business premises alongwith residential / business premises of the Directors and other related persons of BPSL. 6.3 The AO also observed that various new evidences in the form of soft as well as hard data including statements

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

disallowance in the hands of various Group concerns. Thereafter, another search and seizure operation on 21/02/2014 was initiated by the Department at the business premises alongwith residential / business premises of the Directors and other related persons of BPSL. 6.3 The AO also observed that various new evidences in the form of soft as well as hard data including statements

SH. SANJAY SINGAL,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

disallowance in the hands of various Group concerns. Thereafter, another search and seizure operation on 21/02/2014 was initiated by the Department at the business premises alongwith residential / business premises of the Directors and other related persons of BPSL. 6.3 The AO also observed that various new evidences in the form of soft as well as hard data including statements

JARNAIL SINGH,BILASPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1,, CHANDIGARH

In the result, both the appeals of the assessee are disposed off in light of aforesaid directions

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

disallowed and assessed income was determined at Rs. 3,48,000/- after making an addition of Rs.1,92,000/- on account of investment made in penny scrips. 20. It was submitted that subsequently, notice under section 263 dated 20th of February 2021 was issued by the Principal Commissioner of Income Tax, Chandigarh. It was noted by the ld PCIT that

JARNAIL SINGH,BILASPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, CHANDIGARH

In the result, both the appeals of the assessee are disposed off in light of aforesaid directions

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

disallowed and assessed income was determined at Rs. 3,48,000/- after making an addition of Rs.1,92,000/- on account of investment made in penny scrips. 20. It was submitted that subsequently, notice under section 263 dated 20th of February 2021 was issued by the Principal Commissioner of Income Tax, Chandigarh. It was noted by the ld PCIT that

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

TARUN JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

RAJNI JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SHRI SANJAY JAIN,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SANJAY JAIN & SONS,BATHINDA vs. DCIT, CC-1, LUDHIANA

Bench: Shri Sanjay Garg & Ms. Annapurna Guptaआयकर अपील सं./ Ita Nos. 625 & 626/Chd/2019 "नधा"रण वष" / Assessment Years : 2013-14 & 2014-15 The Dcit, Shri Tarun Jain, बनाम Central Circle-1, C/O M/S Royal Lifestyle Jewellers Chandigarh Pvt Limited, Bhatinda "थायी लेखा सं./Pan No: Ahwpj2158H Appeal Against The Order Of Cit(A)-1, Ludhiana Dated 11.3.2018 अपीलाथ"/Appellant ""यथ"/Respondent

penny stock done by the bogus companies based at Kolkata. He, further took note of the fact that during the search action, the assessee himself had surrendered the amount in respect of the income from capital gains which was claimed ITA Nos. 625 to 630 & 707 to 710-chd-2019 Shri Tarun Jain & Others, Ludhiana 7 as exempt. He, accordingly

SANJAY SINGAL,CHANDIGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

penny stocks ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 16 and earning huge Long Term Capital Gain which were not genuine on the face itself. 6.6 The appellant has claimed that it has sold shares of Maa Jagdambe through recognized stock exchange, duly supported with contract notes and shares proceeds were received through banking channel after payment

M/S SANJAY SINGAL HUF,CHANDIGARH vs. DCIT, CC-1, CHANDIGARH

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

penny stocks ITA 655/CHD/2023 & ITA 610/CHD/2023 A.Y. 2015-16 16 and earning huge Long Term Capital Gain which were not genuine on the face itself. 6.6 The appellant has claimed that it has sold shares of Maa Jagdambe through recognized stock exchange, duly supported with contract notes and shares proceeds were received through banking channel after payment

SANJAY SINGAL (HUF),NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH , CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior

AARTI SINGAL,NEW DELHI vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, CHANDIGARH, CHANDIGARH

In the result, assessee’s appeals are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. KRINWANT SAHAY (Accountant Member)

penny stock company is negligible. Even though the net worth of the company and the business activity of the 13 company is negligible, the share prices have been artificially rigged to unusual high; Many a times, it is difficult to get direct information or evidence in respect of manipulative activities of price rigging and accommodation entry which happens with prior