NARENDRA DEVAKINANDAN HARLALKA,CHENNAI vs. ITO NON CORPORATE WARD 10(3), CHENNAI

In the result, appeal filed by the assessee is treated as allowed for statistical purposes

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 1089/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14

penny stock was manipulated to generate bogus long term capital gains/ short term capital gains to facilitate tax evasion. The case was selected for scrutiny and during the course of assessment proceedings, the :-4-: ITA. No:1089/Chny/2019 Assessing Officer noticed that the assessee has purchased

MINAL SHROFF,RS PURAM TAMILNADU vs. ITO, NON CORP WARD -2(3), COIMBATORE

In the result, appeal filed by the assessee is allowed

bogus\ncapital gain from penny stocks and the same has been claimed as exempt\nincome.\n6. Basis of forming reason to believe and details of escapement of Income: On\nbasis of the above facts as established in Paragraph-5, I have reason to\nbelieve that income chargeable to tax has escaped assessment within the\nmeaning of section 147 and such

RAMACHANDRAN,CHENNAI vs. ACIT, NON COPORATE CIRCLE-2, CHENNAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.775 /Chny/2023 निर्ाारण वर्ा /Assessment Year: 2015-16 Ramachandran The Asst. Commissioner Of Old No.9, New No.19, Vs. Income Tax, Jumaulingam Street, Non-Corporate Circle-2 Mylapore, Chennai Chennai-600004 [Pan: Aaqhr6150N] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Appellant By : Shri Y.Sridhar, F.C.A. प्रत्यर्थी की ओर से /Respondent By : Ms.Gouthami Manivasagam, Jcit सुिवाई की तारीख/Date Of Hearing : 31.07.2024 घोर्णा की तारीख /Date Of Pronouncement : 23.10.2024 आदेश / O R D E R Per Amitabh Shukla, A.M : This Appeal Is Filed Against The Order Bearing Din & Order No.Itba/Nfac/S/250/2023-24/1053343791(1) Dated 31.05.2023 Of The Learned Commissioner Of Income Tax [Herein After “Cit(A), National Faceless Appeal Center[Nfac], Delhi, For The Assessment Years 2015- 16. Through The Aforesaid Appeal The Assesse Has Challenged Order U/S 250 Dated 31.05.2023 Passed By Nfac, Delhi. :- 2 -:

penny stock companies reportedly used for proving bogus entries) were purchased only during FY 2014-15 and the assesse had sold

MANJU BAI,CHENNAI vs. ITO NON CORPORATE WARD 5(3), CHENNAI

The appeal stands partly allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

bogus in nature despite providing salient evidences such as off market Purchase of shares vide contract note, sale of shares through recognized stock exchange covered by contract note, payments made through proper banking channels, Holding of shares in D-Mat Account from the instance of purchase till the date of sale and confirmation of payment of STT. The said uncontroverted

MR. SUNIL KUMAR RANKA,CHENNAI vs. ITO, NON-CORPORATE WARD-6(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.50/Chny/2024 िनधा"रण वष"/Assessment Year: 2014-15 V. Mr. Sunil Kumar Ranka, The Ito, Flat No.5D Prince Paradise Apt., Ncw-6(1), 75 Jermiah Road, Chennai. Vepery, Chennai-600 007. [Pan: Abcps 0212 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

purchased from Bombay Stock Exchange (hereinafter in short "BSE") and consideration passed through banking channel; and to prove the veracity of the claim, had filed the Contract Note dated 24.07.2012 through registered Stock Broker, under the SEBI M/s.Motilal Oswal Securities Ltd; and that these shares were duly credited into the De-mat a/c of the assessee and thereafter

MUTHUSAMY SHANMUGAM,CHENNAI vs. ITO, INTERNATIONAL TAXATION WARD-2(2), CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Manjunatha. G & Shri Manomohan Dasआयकर अपील सं./Ita No.362/Chny/2023 िनधा(रण वष( /Assessment Year: 2013-14 Muthusamy Shanmugam, The Income Tax Officer, C/O.Ramesh & Ramachandran, Cas Vs. Ward-2(2), New No.39, Old No.29/3, Chennai. Viswanathapuram Main Road, Kodambakkam, Chennai – 600 024. [Pan: Dghps-7897-P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Y. Sridhar, F.C.A ""यथ" क" ओर से /Respondent By : Shri V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 21.09.2023 घोषणा क" तारीख /Date Of Pronouncement : 30.11.2023 आदेश / O R D E R

penny stock, without any fresh tangible material to substantiate the investment made in stock / derivative by the appellant. e) The Ld. AO erred in reopening the assessment w/s.147 of the Act after the expiry of four years, when the appellant had fully and truly disclosed all material facts necessary for assessment as prescribed in 1% proviso to section

NEELARAJ VINOTH,PERAMBALUR vs. ACIT, CC-2, , TRICHY

In the result, the appeal of the revenue is dismissed and the CO filed by the assessee is dismissed

Bench: Shri George George K, Hon’Ble & Shri S.R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1982/Chny/2024 & C.O.No. 60/Chny/2024 िनधा"रण वष" / Assessment Year: 2017-18 Assistant Commissioner Of Neelaraj Vinoth, Income Tax, V. 274-C, Thuraiyur Road, Central Circle -2, Perambalur – 621 212, Trichy. Tamilnadu. [Pan: Ajupv-3588-M] (अपीलाथ"/Appellant) (Respondent/Cross Objector) आयकर अपील सं./Ita No.: 2119/Chny/2024 िनधा"रण वष" / Assessment Year: 2017-18 Neelaraj Vinoth, Assistant Commissioner Of 274-C, Thuraiyur Road, V. Income Tax, Perambalur – 621 212, Central Circle -2, Tamilnadu. Trichy. [Pan: Ajupv-3588-M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

penni stock was not found. The Department was only able to lay its hands on the letter of SEBI which was missing in the case of Smt. Meenu Singla. The Assessing Officer, thereafter, he himself has not cross verified anything. He only followed some information available on the portal of the Revenue without cross verifying any circumstance. The Ld.CIT

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, TRICHY, TRICHY vs. NEELARAJ VINOTH, PERAMBALUR

In the result, the appeal of the assessee is dismissed

penni stock was not found. The Department was only able\nto lay its hands on the letter of SEBI which was missing in the case of\nSmt. Meenu Singla. The Assessing Officer, thereafter, he himself has not\ncross verified anything. He only followed some information available on\nthe portal of the Revenue without cross verifying any circumstance. The\nLd.CIT

R. SHOBHA LODHA,CHENNAI vs. ITO, NON CROP. WARD 9(1), CHENNAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

penny stock M's RLL without any knowledge of individual scrips and ignoring the financials of this company, leading to huge profits in this scrip, thereby, raising the suspicion that the appellant was part of cartel managing the accommodation entries of exempted LTCG in this Scrip. (v) The whole amount of Rs. 951795/- on sale of this scrip had been