SHRI VINOD BANSAL,CHENNAI vs. ACI-CENT. CIRCLE-3(2), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkery, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 445/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

capital gains in connivance with entry operators. It was further noted that Shri. Ashok Kumar Kayan, in his oath u/s. 131 of the Act had admitted his role in providing accommodation entries in bogus penny stocks

SMT.RITA AGARWAL ,CHENAI vs. PCIT , CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 433/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

capital gains in connivance with entry operators. It was further noted that Shri. Ashok Kumar Kayan, in his oath u/s. 131 of the Act had admitted his role in providing accommodation entries in bogus penny stocks

PANKAJ AGARWAL,CHENNAI vs. PCIT , CHENAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 434/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

capital gains in connivance with entry operators. It was further noted that Shri. Ashok Kumar Kayan, in his oath u/s. 131 of the Act had admitted his role in providing accommodation entries in bogus penny stocks

DCIT , CHENNAI vs. M/S ADITYA REALTY SOLUTIONS PRIVATE LIMITED , CHENNAI

In the result, appeal filed by the revenue and cross objection filed by the assessee are dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 844/Chny/2022 & Co No: 18/Chny/2023 िनधा"रण वष" / Assessment Year: 2012-13 Deputy Commissioner Of M/S. Aditya Realty Solutions Income Tax, V. Private Limited, Central Circle -3(1), 25 G9, Gems Court, Chennai. Khader Nawaz Khan Road, Nungambakkam, Chennai – 600 34. [Pan: Aafca-5857-P] (अपीलाथ"/Appellant) (Cross Objector) अपीलाथ" क" ओर से/Appellant By : Shri. S. Senthil Kumaran, Cit-Dr Respondent/Cross Objector By : Shri. I. Dinesh, Advocate सुनवाई क" तारीख/Date Of Hearing : 15.06.2023 घोषणा क" तारीख/Date Of Pronouncement : 28.06.2023

capital gains through penny stock, but not cases like unsecured loans/share capital. Therefore, he submits that there is no merit

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

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

In the result, appeal filed by the assessee is allowed

penny-stocks\nand has booked bogus capital gain which was claimed as exempt income.\nOn the basis of the aforesaid

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

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

penny stock which was used for generating bogus Long Term Capital Gain (LTCG). The modus operandi to generate such gains

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 stocks. The brief factual matrix emanating from the assessment order dated 31.12.2017 is that the assessing officer has made the addition by relying upon observations of the Special Investigating Team(SIT) on black money which was formed to examine misuse of exemption on long term capital gains

RAJESH JAGDISH TRIVEDI,CHENNAI vs. ITO, CON CORPORATE WARD-6(1), CHENNAI

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

Bench: Shri Mahavir Singhand Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 669/Chny/2024 िनधा"रण वष"/Assessment Year: 2014-15 Shri Rajesh Jagdish Trivedi, The Income Tax Officer, 312, Mint St, Parrys, Vs. Non-Corporate Ward – 6(1), Park Town Ho, Chennai. Chennai – 600 003. Pan: Aabpt 9341G (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri K. Balasubramanian, Advocate ""यथ" क" ओर से/Respondent By : Shri N. Sanjay Gandhi, Jcit सुनवाई क" तारीख/Date Of Hearing : 11.06.2024 घोषणा क" तारीख/Date Of Pronouncement : 14.06.2024

penny stock shares long term capital gain but now, the assessee has withdrawn the claim and paid the taxes on this

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 scrip namely Rekvina Laboratories Ltd., and sold the shares at a value of Rs.9,51,795/-. On verification of ITR-1 filed by assessee, the AO noted from the investigation report of the investigation wing that this company is engaged in providing entry i.e., profit on sale of shares in the shape of Long Term Capital Gain, which

MANAKRAJ NAVEEN MUNOTH,CHENNAI vs. ITO NON CORPORATE .WARD 5(1), CHENNAI, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.: 1373/Chny/2023 िनधा"रण वष"/Assessment Year: 2013-14 Shri Manakraj Naveen Munoth, The Income Tax Officer, No.20, Ponnappan Lane, Vs. Non-Corporate Ward 5(1), Park Town, Chennai. Chennai – 600 003. Pan: Aahpk 7227J (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Abhishek Murali, Fca ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Addl.Cit सुनवाई क" तारीख/Date Of Hearing : 18.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 20.03.2024 आदेश /O R D E R Per Mahavir Singh:

penny stock” are fraudulent and accommodation entries. 3. Brief facts are that the assessee is an individual and filed his return of income for the assessment year 2013-14 on 29.03.2014. Subsequently, the assessee’s case was reopened u/s.148 of the Act dated 29.03.2021. Accordingly, assessment was completed u/s.147 r.w.s 144B of the Act dated 29.03.2022 wherein

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

In the result, the appeal of the assessee is dismissed

capital gains from the sale of these shares\nas bogus income of the assessee. On appeal to the ITAT, the\nHon'ble tribunal deleted the addition by stating as under;\n"14. With the assistance of the Id. Representatives we have gone through\nthe record carefully. Admittedly, nothing was found during the course of\nsearch except a warning letter from

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)

capital gains from the sale of these shares as bogus income of the assessee. On appeal to the ITAT, the Hon'ble tribunal deleted the addition by stating as under; "14. With the assistance of the ld. Representatives we have gone through the record carefully. Admittedly, nothing was found during the course of :-24-: ITA. No: 1982 & 2119/Chny/2024

RAJESH KUMAR SARAF (HUF),CHENNAI vs. ITO, NCW-8(4), CHENNAI

In the result, appeal filed by the assessee is allowed for statistical purpose

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकरअपील सं./ Ita No.1754/Chny/2024 (िनधा"रणवष" / Assessment Year: 2013-2014) Rajesh Kumar Saraf (Huf) Vs. The Income Tax Officer, No.141, New No.80, Greams Road, Non Corporate Ward 8(4) Thousand Lights, Chennai. Chennai 600 006. [Pan: Aaahr 1636P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Anandd Babunath, C.A., ""यथ" क" ओर से /Respondent By : Ms. Gouthami Manivasagam, Irs, Jcit. सुनवाई क" तार"ख/Date Of Hearing : 21.08.2024 घोषणा क" तार"ख /Date Of Pronouncement : 26.08.2024 आदेश / O R D E R Manu Kumar Giri ()

capital gain u/s 10(38) of the Act on sale of shares of penny stock amounting to Rs.24,24,098/-. The AO also

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)

Capital Gains’ (hereinafter in short "LTCG") u/s.10(38) of the Income Tax Act, 1961 (hereinafter in short "the Act”). 4. The brief facts are that the assessee had filed his return of income for AY 2014-15 on 13.12.2015 admitting total income of Rs. 2,59,810/- and later, the case was selected for scrutiny under CASS. The AO noted

MR. MURUGAN KARTHIK MEIYAPPAN,CHENNAI vs. ITO, NCW-10(6), CHENNAI

In the result the appeal of the assessee is allowed

Bench: Shri George George K & Shri S.R. Raghunatha

penny stock transactions involving premeditated price rigging and systematic tax evasion through exempt long-term capital gains. In the present