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)

stock exchange which is fully supported by uncontroverted Documentary evidences and payment of STY which establish the bonafide of the appellants claim. The learned CIT(A) erred in law in not following the decision of the Jurisdiction Tribunal in the case of Nirav Kumar Mahendra Sapani and Kinner Prafulchand Sapani . The order passed by the learned CIT(A) is totally

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

stock exchange after paying the requisite STT have been treated as genuine transaction entitled for claim under section 10(38). :-3-: ITA. No:1089/Chny/2019 7. The learned assessing officer as well as the CIT(A) erred in relying on a certain pattern of bogus claim which is totally irrelevant to facts of the appellants case. The learned lower authorities erred

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 case, has disallowed the exemption claimed by tax-payer u/s 10(38) of the 1961 Act. The decision

SAMSON FOUNDATIONS,CHENNAI vs. ACIT NON CORPORATE CIRCLE 5(1), CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri George Mathan & Shri Inturi Rama Rao

disallowed the trading loss based on information from Investigations wing and treated the same as Penny Stocks. (b) The appellant

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

penny stock. Therefore, he treated Rs.98 lakhs as unexplained cash credit u/s.68 of the Act. The AO issued draft assessment order on 29.03.2022 proposing the addition and framed re-assessment order on 31.03.2022 u/s.147/143(3) of the Act. Aggrieved by the order passed by the AO, the assessee preferred an appeal before the Ld. CIT(A). On appeal

ASHOK BATUKLAL MAKWANA,CHENNAI vs. ITO NON CORPORATE WARD 9(1), CHENNAI

In the result, the appeal filed by the each of the above assessee is dismissed

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.746 /Chny/2019 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Shri Ashok Batuklal Makwana, Flat No.E062, Door No.49, Non-Corporate Ward 9(1), Dlf Commanders Court, Chennai. Ethiraj Salai, Egmore, Chennai – 600 008. Pan: Admpm1490R (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.747/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Income Tax Officer, M/S. Ashok Makwana (Huf) Flat No.E062, Door No.49, Non-Corporate Ward 9(1), Dlf Commanders Court, Chennai. Ethiraj Salai, Egmore, Chennai – 600 008. Pan: Aaiha5661B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : None ""यथ" क" ओर से/Respondent By : Shri Guru Bashyam, Jcit

penny stocks, within reasonably a short period so as to convert the unaccounted money into accounted money in the guise of exempt capital gains. Therefore, the Assessing Officer treated the entire sale at Rs.9,08,000/- & 14,45,500/-, in the respective hand as an unexplained credit U/s.68 and completed the respective assessment. Aggrieved, the respective assessees filed appeals before

ASHOK MAKWANA (HUF),CHENNAI vs. ITO NON CORPORATE WARD 9(1), CHENNAI

In the result, the appeal filed by the each of the above assessee is dismissed

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.746 /Chny/2019 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Shri Ashok Batuklal Makwana, Flat No.E062, Door No.49, Non-Corporate Ward 9(1), Dlf Commanders Court, Chennai. Ethiraj Salai, Egmore, Chennai – 600 008. Pan: Admpm1490R (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.747/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Income Tax Officer, M/S. Ashok Makwana (Huf) Flat No.E062, Door No.49, Non-Corporate Ward 9(1), Dlf Commanders Court, Chennai. Ethiraj Salai, Egmore, Chennai – 600 008. Pan: Aaiha5661B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : None ""यथ" क" ओर से/Respondent By : Shri Guru Bashyam, Jcit

penny stocks, within reasonably a short period so as to convert the unaccounted money into accounted money in the guise of exempt capital gains. Therefore, the Assessing Officer treated the entire sale at Rs.9,08,000/- & 14,45,500/-, in the respective hand as an unexplained credit U/s.68 and completed the respective assessment. Aggrieved, the respective assessees filed appeals before

SANJAY JAIN,CHENNAI vs. ACIT NON CORPORATE CIRCLE 10(1), CHENNAI

Bench: Shri N.R.S. Ganesan

disallowed the claim of the assessees on the ground that Kappac Pharma Ltd. is a penny stock company, therefore, the profit

VANDANA SANKHALA,CHENNAI vs. ACIT NON CORPORATE CIRCLE 10(1), CHENNAI

Bench: Shri N.R.S. Ganesan

disallowed the claim of the assessees on the ground that Kappac Pharma Ltd. is a penny stock company, therefore, the profit

VANITA JAIN,CHENNAI vs. ITO NON CORPORATE WARD 6(4), CHENNAI

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Shri N.R.S. Ganesanआयकर अपील सं./Ita Nos.2499 & 2500/Chny/2018 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12

penny stocks of shell companies. Therefore, according to the Ld. D.R., the Assessing Officer has rightly disallowed the 3 I.T.A

VANITA JAIN,CHENNAI vs. ITO NON CORPORATE WARD 6(4), CHENNAI

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Shri N.R.S. Ganesanआयकर अपील सं./Ita Nos.2499 & 2500/Chny/2018 "नधा"रण वष" / Assessment Years : 2010-11 & 2011-12

penny stocks of shell companies. Therefore, according to the Ld. D.R., the Assessing Officer has rightly disallowed the 3 I.T.A

RAMESH KUMAR KOTHARI,CHENNAI vs. ITO NON CORPORATE WARD 6(1), CHENNAI

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

Bench: Shri N.R.S. Ganesanआयकर अपील सं./Ita No.2502/Chny/2018 "नधा"रण वष" / Assessment Year : 2012-13 Shri Ramesh Kumar Kothari, The Income Tax Officer, 31, Chandrappa Mudali Street, V. Non Corporate Ward - 6(1), Sowcarpet, Chennai - 600 079. Chennai - 600 006. Pan : Ajipk 2509 H (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stocks of shell companies. Therefore, according to the Ld. D.R., the Assessing Officer has rightly disallowed the claim of the assessee

PRASANCHAND DAGA,CHENNAI vs. ITO NON CORPORATE WARD 5(5), CHENNAI

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

Bench: Shri N.R.S. Ganesanआयकर अपील सं./Ita No.2501/Chny/2018 "नधा"रण वष" / Assessment Year : 2011-12 Shri Prasanchand Daga, The Income Tax Officer, 82, Audiappan Naicken Street, V. Non Corporate Ward - 5(5), Sowcarpet, Chennai - 600 079. Chennai - 600 006. Pan : Aalpd 1932 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stocks of shell companies. Therefore, according to the Ld. D.R., the Assessing Officer has rightly disallowed the claim of the assessee

M.MATHIVANAN,CHENNAI vs. ACIT NON CORPORATE CIRCLE 5, CHENNAI

In the result, the assessee’s appeal is treated as partly

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. No. 1166/Chny/2019 "नधा"रण वष"/Assessment Year : 2013-14 Shri. M. Mathivanan, Assistant Commissioner Of Income Old No. 3, New No. 5,Bharathiyar Street, Vs. Tax, Vivekananda Nagar,Kodungalyur, Non-Corporate Circle -5, Chennai – 600 118. Chennai.

penny stock company, namely, M/s. Concrete Credit Limited. The assessee also admittedly sold the said shares and claimed exemption under Section 10(38) of the Act during the year wider consideration. Therefore,, the Assessing Officer has not disputed the source for investment. The Assessing Officer disallowed

NISHA,CHENNAI vs. DCIT NON CORP CIR-9(1), CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.406/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Acit, Shri Rajendra Kumar Hirawat, No.10, Monteith Road, Non-Corporate Circle – 23(1), Egmore, Chennai – 600 008. Chennai.

penny stock company, namely, M/s. Concrete Credit Limited. The assessee also admittedly sold the said shares and claimed exemption under Section 10(38) of the Act during the year wider consideration. Therefore,, the Assessing Officer has not disputed the source for investment. The Assessing Officer disallowed

RAJENDRA KUMAR HIRAWAT (HUF),CHENNAI vs. ACIT NON CORPORATE CIRCLE 23(1), CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.406/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Acit, Shri Rajendra Kumar Hirawat, No.10, Monteith Road, Non-Corporate Circle – 23(1), Egmore, Chennai – 600 008. Chennai.

penny stock company, namely, M/s. Concrete Credit Limited. The assessee also admittedly sold the said shares and claimed exemption under Section 10(38) of the Act during the year wider consideration. Therefore,, the Assessing Officer has not disputed the source for investment. The Assessing Officer disallowed

SHRI. RAJENDRA KUMAR HIRAWAT,CHENNAI vs. ACIT NON CORPORATE CIRCLE 23 (1), CHENNAI

In the result, the appeals filed by the assessee in ITA Nos

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.406/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Acit, Shri Rajendra Kumar Hirawat, No.10, Monteith Road, Non-Corporate Circle – 23(1), Egmore, Chennai – 600 008. Chennai.

penny stock company, namely, M/s. Concrete Credit Limited. The assessee also admittedly sold the said shares and claimed exemption under Section 10(38) of the Act during the year wider consideration. Therefore,, the Assessing Officer has not disputed the source for investment. The Assessing Officer disallowed

PRABHA SRISRIMAL,CHENNAI vs. ACIT NON CORPORATE WARD 10(1), CHENNAI

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Ble

Disallowance of claim made U/s. 10(38) (Long Term Capital Gain on account of sale of shares) under the facts and circumstances of the case. 5 For that the Learned Commissioner of Income tax (Appeals) has erred in confirming the additions without providing an opportunity of being heard under the facts and circumstances of the case. 6 For that