SMT. BIMALA DEVI AGARWAL,CHENNAI vs. ACIT,CENTRAL CIRCLE3(1), 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.: 422/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. SHOBA AGARWAL,CHENNAI vs. ACIT CENT CIRCLE 3(2), 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.: 421/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

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

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

G.NARENDAR CHORDIA ,CHENNAI vs. ITO NCW 5(2) , CHENNAI

In the result, appeals of the assessee are partly allowed for 14

Bench: Shri Abraham P. George]

Capital Gains through Private Limited Shell companies/listed penny stock companies’’. He disbelieved the claim of long term capital gains and made

ARAVIND MODI,CHENNAI vs. ITO NON CORPORATE WARD 11(1), CHENNAI

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

Bench: Shri Duvvuru Rl Reddy & Shri S.Jayaraman

capital gain from the transactions of alleged purchase and sale of shares of Kailash Auto Finance Limited. Further, the shares of Kailash Auto Finance Limited were found by them as penny stock

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

SMT. SUDHA EASHWAR,,CHENNAI vs. ITO, NCW - 14 (3),, CHENNAI

In the result, the appeal filed by the assessee in ITA

Bench: Shri George Mathan & Shri Ramit Kocharआयकर अपील सं./Ita No.2342/Chny/2019 "नधा"रण वष" /Assessment Year: 2014-15 V. Smt. Sudha Eashwar, The Income Tax Officer No.23A, P.T.Rajan Salai, Non-Corporate Ward-14(3) K.K.Nagar, Chennai Chennai-600 078. [Pan: Alxps 0601 D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : None ""यथ" क" ओर से /Respondent By : Ms.Sumathi Venkatraman, Jcit सुनवाई क" तार"ख/Date Of Hearing : 09.10.2019 घोषणा क" तार"ख /Date Of Pronouncement : 02.01.2020 आदेश / O R D E R Per Ramit Kochar:

penny stock and the assessee is trying to take advantage of exemption provision as enshrined u/s 10(38) of the 1961 Act. The onus was on assessee to prove that long term capital gains

NIRMALA KUMARI CHORDIA,CHENNAI vs. ITO NCW 5(2), CHENNAI

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Abraham P. George]

capital gains, on commission basis, through private limited shell companies owned or controlled by him. Or in other words, what are known as transactions of penny stock

SOHANRAJ UTTAMCHAND ,CHENNAI vs. DCIT NON CORPORATE CIRCLE 2 , CHENNAI

In the result the appeal of the assessee is allowed

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddyआयकरअपीलसं./I.T.A.No.1787/Chny/2017 (िनधा"रणवष" / Assessment Year: 2014-15) Vs The Dcit, Shri Sohanraj Uttamchand, Non-Corporate Circle – 2, 24/12. Raghaviah Road, Chennai T. Nagar, Chennai – 600 017. Pan: Aaapu7932P (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gain and claimed exemption U/s.10(38) of the Act amounting to Rs.38 crores during the assessment year 2014-15 by transfer of another illiquid stock of M/s. Risa International Ltd. (xiii) Shri Sohanraj Praveen Kumar had explained that he had received the information about the future increase in the value of share of M/s. Risa International Ltd from Shri

NEETA BOTHRA,CHENNAI vs. ITO NON CORPORATE WARD 9(3), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.2507 & 2508/Chny/2018 ("नधा"रणवष" / Assessment Years:2012-13 & 2013-14) Vs The Income Tax Officer, Mrs. Neeta Bothra, 1/1, General Patters Road, Non-Corporate Ward-9(3) Chennai- 600 002. Chennai-6. Pan: Aaipb 0445J (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gain derived from penny stocks. The Assessing Officer has discussed the issue at length in light of financial statements

NEETA BOTHRA,CHENNAI vs. ITO NON CORPORATE WARD 9(3), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.2507 & 2508/Chny/2018 ("नधा"रणवष" / Assessment Years:2012-13 & 2013-14) Vs The Income Tax Officer, Mrs. Neeta Bothra, 1/1, General Patters Road, Non-Corporate Ward-9(3) Chennai- 600 002. Chennai-6. Pan: Aaipb 0445J (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gain derived from penny stocks. The Assessing Officer has discussed the issue at length in light of financial statements

VIDYA REDDY ,CHENNAI vs. ITO INL. TAXATION WARD 1(2) , CHENNAI

In the result, the assessee’s appeal is dismissed

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./Ita No.2016/Chny/2017 "नधा"रण वष" /Assessment Year: 2014-15

Gains and bogus Short Term Capital Loss/bogus business loss through trading of shares of penny stocks. 7. Accommodation entry is a financial

MOHANLAL CHIMNAJI JAIN,CHENNAI vs. ITO NON CORPORATE WARD 5(3), CHENNAI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Abraham P. George]

gains, whereas ld. Assessing Officer had considered M/s.Ashika Credit Capital Ltd to be a penny stock and took the claim

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

SHRI. RAJENDRA KUMAR HIRAWAT,CHENNAI vs. ACIT NON CORPORATE CIRCLE 9 (1), CHENNAI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No. 900/Mds/2018 "नधा"रण वष" /Assessment Year : 2013-2014. Shri. Rajendra Kumar Hirawat, Vs. The Assistant Commissioner Of No.10, Monteith Lane, Income Tax, Egmore, Non Corporate Circle -9(1), Chennai 600 008. Chennai. [Pan Aaaph 6105P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

gains ITA No.900/Mds/2018. :- 3 -: was on sale of penny stock of a paper company, operated by an entry operator called Shri. Deepak Patwari. As per ld. Assessing Officer Shri. Deepak Patwari had indentified the script of Luminaireire Technologies Ltd, as one of such penny stock companies and also identified the persons to whom he had provided bogus long term capital

SHRI. VINAY KUMAR HIRAWAT,CHENNAI vs. ACIT NON CORPORATE CIRCLE 9 (1), CHENNAI

In the result, appeal of the assessee is allowed for statistical purpose

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. No. 901/Mds/2018 "नधा"रण वष" /Assessment Year : 2013-2014. Shri. Vinay Kumar Hirawat, Vs. The Assistant Commissioner Of No.10, Monteith Lane, Income Tax, Egmore, Non Corporate Circle -9(1), Chennai 600 008. Chennai. [Pan Aaaph 6106Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

gains was on ITA No.901/Mds/2018. :- 3 -: sale of penny stock of a paper company, operated by an entry operator called Shri. Deepak Patwari. As per ld. Assessing Officer Shri. Deepak Patwari had indentified the script of Luminaireire Technologies Ltd, as one of such penny stock companies and also identified the persons to whom he had provided bogus long term capital