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17 results for “reassessment”+ Penny Stockclear

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Key Topics

Section 143(3)20Section 14719Section 26314Section 10(38)13Long Term Capital Gains12Section 14811Addition to Income10Penny Stock9Reassessment9Capital Gains

SMT. KANTA BAI C. JAIN,,CHENNAI vs. ITO, NCW - 5 (1),, CHENNAI

The appeal stand allowed to that extent

ITA 463/CHNY/2020[2011-12]Status: DisposedITAT Chennai19 Sept 2022AY 2011-12

Bench: Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri Suresh Kumar (CA) – Ld. ARFor Respondent: Shri D. Hema Bhupal (JCIT)-Ld. DR
Section 10(38)Section 143(1)Section 143(3)Section 148Section 68

reassessment proceedings is concerned, I do not find any illegality in the same. The case was reopened pursuant to receipt of specific information from investigation wing wherein the assessee figured as one of the beneficiaries of such penny stock

9
Section 688
Reopening of Assessment7

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

In the result, appeal filed by the assessee is allowed

ITA 2424/CHNY/2024[2014-15]Status: DisposedITAT Chennai10 Jan 2025AY 2014-15
Section 143(2)Section 143(3)Section 147Section 148

stock\nmarket has been routed through his company via M/s.Waltare Investment\nPvt. Ltd., to which he didn't give any satisfactory replies”. Thus,\naccording to the AO, the purchaser is exit-provider and the price rise of\nthe shares are not justified, since it shows variation from Rs.10/- in FY\n2013-14 and Rs.16.05 in the next year and later

SMT. ANJU PRAVEEN KUMAR,,CHENNAI vs. ITO, NCW - 9 91),, CHENNAI

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

ITA 1763/CHNY/2019[2012-12]Status: DisposedITAT Chennai03 Dec 2019AY 2012-12

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.1763/Chny/2019 ("नधा"रण वष" / Assessment Year: 2012-13) Smt. Anju Praveen Kumar, Vs The Income Tax Officer, No.25 B, Evk Sampath Road, Non-Corporate Ward 9(1), Vepery, Chennai. Chennai – 600 007. Pan: Aaepj2827N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : None ""यथ" क" ओर से/Respondent By : Shri Arunraj, Jcit सुनवाई क" तार"ख/Date Of Hearing : 25.09.2019 घोषणा क" तार"ख /Date Of Pronouncement : 03.12.2019

For Appellant: NoneFor Respondent: Shri Arunraj, JCIT
Section 10Section 10(38)Section 147Section 68

penny stock transactions. Per Contra, the Ld DR submitted that the assessee has claimed deduction U/s 10 (38) but she has not proved the genuineness, therefore, reiterating the facts and circumstances of this case from the orders of the lower authorities, the Ld. DR supported those orders and pleaded that this appeal be upheld. 4. We have considered the rival

SAROJ MOOTHA,CHENNAI vs. ITO, NON CORP WARD-6(3), CHENNAI

In the result, the assessee’s appeal is treated as partly allowed for statistical purposes

ITA 423/CHNY/2019[2012-13]Status: DisposedITAT Chennai03 Sept 2019AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.423/Chny/2019 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Saroj Mootha, 31, Chandrappa Mudali Street, Non Corporate Ward – 6(3), Chennai – 600 079. Chennai.

For Appellant: Shri D. Anand, AdvocateFor Respondent: Smt. G.D. Jayanthi Angayarkanni, JCIT
Section 10Section 10(38)

penny stock company which has been used for generating bogus LTCG and the investigations revealed that a scheme was hatched by various players to obtain / provide accommodation of entry of bogus LTCG through manipulation of stock market. Therefore, the Assessing Officer re-opened the assessment. During the reassessment

ARAVIND NANDLAL KHATRI,CHENNAI vs. ITO NON CORPORATE WARD 4(1), CHENNAI

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

ITA 2035/CHNY/2018[2011-12]Status: DisposedITAT Chennai03 Dec 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.2035/Chny/2018 "नधा"रण वष" /Assessment Year : 2011-12 Shri Aravind Nandlal Khatri, The Income Tax Officer, Old No.6, New No.7, 3Rd Floor, V. Non Corporate Ward - 4(1), Venkatrayan Street, Park Town, Chennai - 600 006. Chennai - 600 003. Pan : Asspk 9312 P (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri T. Vasudevan, AdvocateFor Respondent: Shri B. Sagadevan, JCIT
Section 10(38)Section 147

reassessment is invalid. Since the assessee has invested in the shares of M/s Concrete Credit Limited through a share broker, according to the Ld. counsel, the assessee has rightly claimed exemption under Section 10(38) of the Act. 3 I.T.A. No.2035/Chny/18 4. We heard Shri B. Sagadevan, the Ld. Departmental Representative. According to the Ld. D.R., the Assessing Officer received

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

ITA 2119/CHNY/2024[2017-18]Status: DisposedITAT Chennai18 Feb 2025AY 2017-18

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)

For Appellant: Shri. G. Baskar, Advocate &For Respondent: Shri. R. Clement Ramesh Kumar, CIT
Section 143(3)Section 153CSection 153DSection 154Section 234A

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

SMT. SANGEETHA BHANDARI (INDIVIDUAL),,CHENNAI vs. ITO, NCW - 6 (3),, CHENNAI

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

ITA 3371/CHNY/2019[2011-12]Status: DisposedITAT Chennai24 Aug 2022AY 2011-12

Bench: Shri Mahavir Singhand Dr. Dipak P. Ripote

For Appellant: Shri Suresh Kumar, F.C.A ""For Respondent: Shri Hema Bhupal, JCIT
Section 10(38)Section 143(2)Section 143(3)Section 147Section 148Section 68

reassessment. 3. Brief facts are that the AO received information that the assessee has traded in shares of M/s. Global Capital Market and earned bogus Long Term Capital Gains (LTCG) for an amount of Rs.5,86,975/- during the financial year 2010-11 relevant to assessment year 2011-12 and hence, notice u/s.148 of the Act dated 27.03.2018 was issued

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

In the result, the appeal of the assessee is allowed

ITA 362/CHNY/2023[2013-14]Status: DisposedITAT Chennai30 Nov 2023AY 2013-14

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

For Appellant: Shri Y. Sridhar, F.C.A ""For Respondent: Shri V. Nandakumar, CIT
Section 142(1)Section 143(2)Section 143(3)Section 147Section 149Section 69

reassessment without issuance of notice u/s.143(2) of the Act. c) The Ld. AO reopening the assessment merely based on Investigation Wing, is bad in law. d) The Ld. AO erred in reopening the assessment based on suspicion / surmise / borrowed satisfaction that appellant had traded on penny stock

SMT. BIMALA DEVI AGARWAL,CHENNAI vs. ACIT,CENTRAL CIRCLE3(1), CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 422/CHNY/2022[2012-13]Status: DisposedITAT Chennai22 Mar 2023AY 2012-13

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

For Appellant: Shri. D. Anand, Advocate
Section 143(3)Section 147Section 153ASection 263

penny stocks and amounts transacted through the current account of M/s. Onkar Supply Pvt Ltd. During the course of reassessment

SMT.RITA AGARWAL ,CHENAI vs. PCIT , CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 433/CHNY/2022[2012-13]Status: DisposedITAT Chennai24 Feb 2023AY 2012-13

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

For Respondent: Shri. S. Senthil Kumaran, CIT
Section 143(3)Section 147Section 153ASection 263

penny stocks and amounts transacted through the current account of M/s. Onkar Supply Pvt Ltd. During the course of reassessment

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

In the result, appeal filed by the assessee is allowed

ITA 445/CHNY/2022[2012-13]Status: DisposedITAT Chennai22 Mar 2023AY 2012-13

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

For Respondent: Shri. S. Senthil Kumaran, CIT
Section 143(3)Section 147Section 153ASection 263

penny stocks and :-18-: ITA. No:445/Chny/2022 amounts transacted through the current account of M/s. Onkar Supply Pvt Ltd. During the course of reassessment

SMT. SHOBA AGARWAL,CHENNAI vs. ACIT CENT CIRCLE 3(2), CHENNAI

In the result, appeal filed by the assessee is allowed

ITA 421/CHNY/2022[2012-13]Status: DisposedITAT Chennai22 Mar 2023AY 2012-13

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

For Respondent: Shri. R. Mohan Reddy, CIT
Section 143(3)Section 147Section 153ASection 263

penny stocks and :-18-: ITA. No:421/Chny/2022 amounts transacted through the current account of M/s. Onkar Supply Pvt Ltd. During the course of reassessment

PANKAJ AGARWAL,CHENNAI vs. PCIT , CHENAI

In the result, appeal filed by the assessee is allowed

ITA 434/CHNY/2022[2012-13]Status: DisposedITAT Chennai24 Feb 2023AY 2012-13

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

For Respondent: Shri. S. Senthil Kumaran, CIT
Section 143(3)Section 147Section 153ASection 263

penny stocks and :-18-: ITA. No:434/Chny/2022 amounts transacted through the current account of M/s. Onkar Supply Pvt Ltd. During the course of reassessment

KAMLESH SHANTILAL JAIN,CHENNAI vs. ACIT, CHENNAI

In the result, appeal filed by assessee is allowed

ITA 3335/CHNY/2018[2015-16]Status: DisposedITAT Chennai23 Feb 2021AY 2015-16

Bench: Shri V.Durga Rao & Shri G.Manjunatha

For Respondent: 10.02.2021
Section 147

penny stock and share price was rigged in collusion with certain parties and accordingly, made additions towards entire sale consideration received from sale of M/s. PS IT Infra & Services Ltd., as unexplained cash credits and brought to tax u/s. 68 of the Act. 8. The assessee carried the matter in appeal before learned CIT(A) but could not succeed

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. PAWAN CARGO FORWARDS PVT LTD, CHENNAI

In the result, appeal filed by the revenue is dismissed in terms above and cross objection filed by the assessee become infructuous in terms of our above order

ITA 3116/CHNY/2024[2013-14]Status: DisposedITAT Chennai08 Sept 2025AY 2013-14

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S. R. Raghunathaआयकरअपील सं./ Ita No.3116/Chny/2024 (िनधा&रणवष& / Assessment Year: 2013-14) The Asst. Commissioner Of Income Pawan Cargo Forwards Pvt. Ltd., Tax, Vs. 518, Mkn Road, Pawan Imperia, Circle-1(Ltu) Alandur Mkn Road, Chennai. Chennai – 600 016. [Pan: Aaccp 2477P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: 26.06.2025
Section 148Section 148ASection 151

stock transactions and additions were made on the findings of the Investigation Wing in the scrip M/s.Wagend Infra Ventures Ltd. wherein the prices of the ITA No.3116/Chny/2024 & C.O No.3/Chny/2025 Pawan Cargo Forwards shares were manipulated for the purpose of giving accommodation entries to claim LTCG by the beneficiaries including the assessee which were primarily on the basis of the statement

LATE. NAVRATAN LAL BAID REP BY L/H SMT. KAMALA DEVI BAID,CHENNAI vs. ITO NON CORPORATE WARD 5(2), CHENNAI

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

ITA 1855/CHNY/2018[2011-12]Status: DisposedITAT Chennai27 Aug 2019AY 2011-12

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.1855/Chny/2018 ("नधा"रण वष" / Assessment Year: 2011-12) Vs The Income Tax Officer, Late Shri Navratan Lal Baid, Rep.By His L/H. Smt. Kamala Non-Corporate Ward – 5(2), Devi Baid, Chennai – 600 006. No.1, Kalathi Pillai Street, Chennai – 600 079. Pan: Aafpb9551N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri D. Anand, Advocate ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 27.08.2019 घोषणा क" तार"ख /Date Of Pronouncement : 27.08.2019

For Appellant: Shri D. Anand, AdvocateFor Respondent: Shri AR.V. Sreenivasan, JCIT
Section 10Section 10(38)Section 148

reassessment proceedings, the Assessing Officer found that the assessee purchased 1000 shares of M/s. Splash Media on 10.11.2009. They became 4000 shares due to issue of 3000 bonus shares within a period of one month and 40,000 shares due to stock- split. Thereafter the assessee sold 40,000 shares on 02.12.2010 & 13.01.2011 for Rs.34,24,001/- and claimed Long

DCIT, CHENNAI vs. TVH PROPERTY SERVICES INDIA PVT. LTD., CHENNAI

In the result, the appeal the revenue and cross objections filed by the assessee are allowed for statistical purpose

ITA 2081/CHNY/2016[2008-09]Status: DisposedITAT Chennai27 Dec 2016AY 2008-09

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singh

For Respondent: 03.11.2016
Section 143(3)Section 147Section 148Section 68

penny stock companies / suitcase companies which did not have any capital base. Lot of investigation has been carried out by the Income Tax Department and SEBI on such suitcase companies and found that the share capital is being pumped into the domestic companies by entry operators giving scope for introduction of bogus share capital. The assessee company also received share