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

penny stocks for Rs,39,04,542/- as unexplained cash credit under section 68 of the Act and rightly rejected

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)

68 and not as income exempt under section 10(38) of the Income Tax Act as claimed by the appellant despite the fact that the appellant produced salient evidences to prove the genuineness of the transaction. The said uncontroverted evidences are overlooked both by the assessing officer and CIT(A) without any rhyme of reason and orders passed

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)

68 and not as income exempt under section 10(38) of the Income Tax Act as claimed by the appellant despite the fact that the appellant produced salient evidences to prove the genuineness of the transaction. The said uncontroverted evidences are overlooked both by the assessing officer and CIT(A) without any rhyme of reason and orders passed

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 companies, in connection with entry providers operating in Kolkata to derive the benefit of exemption of long term capital gains as per provisions of section 10(38) of the Income-tax Act, 1961 (hereinafter referred to as “the Act”). Therefore, by taking note of investigation report received from DIT (Investigation), Kolkata and also after analysis of various details

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)

penny stock company and there were no real buyers. The operators were acting in benami names or name lenders. The shares traded were of paper companies. The purchases were in physical form, and demated subsequently long after the purchase date, back dated close to the date of sale. From the above, it is evident that facts are not identical

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

In the result, appeal filed by the assessee is allowed

penny-\nstock to claim bogus LTCG. Thus we find that there is absolutely no\nrelevant details available in the reasons recorded to form such adverse\nconclusion; and in the light of the same, the initiation of proceedings u/s.\n147 of the Act by the AO cannot be held to be valid and justified in law.\n18. Furthermore, a perusal

MITHU KUMARI RANKA,CHENNAI vs. ITO NON CORPORATE WARD 5(30, CHENNAI

In the result, five appeals vide ITA Nos

Bench: Shri Mahavir Singh, Hon’Ble & Shri Girish Agrawal, Hon’Ble“C” Bench

section 68 of the Act, 6 ITA 1903-1904/CHNY/2019 A.Ys 2011-12 & 2013-14 Smt. Vandana Jain ITA 1905-1906/Chny/2019 A.Ys 2011-12 & 2013-14 Raj Kumar Jain ITA 1907/Chny/2019 A.Y. 2013-14 Raj Kumar Jain HUF & ITA 1970/Chny/2018 A.Y. 2014-15 Smt. Mithu Kumari Ranka denying the claim of exemption u/s 10(38) and commission paid

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 company are as under: :- 22 -: 7. Thus, Tribunal has in depth analyzed balance sheets and profit and loss accounts of Cressanda Solutions Ltd. which shows that astronomical increase in share price of said company which led to returns of 491% for Appellant, was completely unjustified. Pertinently, EPS of said company was Rs. 0.01/- as in March

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

Section 68 under the facts and circumstances of the case Smt. Prabha Srisrimal :: 2 :: 4 For that the Learned Commissioner of Income Tax (Appeals) has erred in confirming 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

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 -:

section 68 and which has been confirmed by the Ld.CIT(A). All the grounds of appeal, save ground of appeal no.1 which is general in nature, are being adjudicated together in view of a common issue. The Ld. Counsel for the assesse submitted that its case was selected for complete scrutiny on account of suspicious sale transaction in shares

NEETAA SUNEEL SHAH,CHENNAI vs. ITO NON CORPORATE WARD 5(2), CHENNAI

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

Bench: Shri George Mathan & Shri Ramit Kochar

68 of the Act. 8. The Assessing officer erred in denying exemption on the long term capital gains sale of 50000 shares of M/s. Multiplus Resources Ltd. claimed u/s.10(38) of the Act on irrelevant considerations. 9. The appellant submits that she has satisfied all the conditions laid down in section 10(38) of the Act by adducing evidence

VIPUL MUNOTH,CHENNAI vs. ITO, NCW-10(5), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.3519/Chny/2018 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Income Tax Officer, Shri Vipul Munoth, No.26, Ramanujar Nagar, Non-Corporate Ward 10(5), Ayanavaram, Chenani - 34 Chennai – 600 023. Pan: Anhpv8201A (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri R. Padmanabhan, Ca ""यथ" क" ओर से/Respondent By : Shri Ar.V. Sreenivasan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 20.11.2019 घोषणा क" तार"ख /Date Of Pronouncement : 06.12.2019

penny stock company. Therefore, the so called profit on sale of the shares is not eligible for exemption U/s.10(38) of the Act. Accordingly, the corresponding credit to the capital account was found to be unexplained and addition was made under Section 68

NITA DEVI,CHENNAI vs. ITO NON CORPORATE WARD 5(2), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

H.KISHORE JAIN HUF,CHENNAI vs. ITO NON CORPORATE WARD 5(1), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

JUGRAJJI BABULAL,CHENNAI vs. ITO NON CORPORATE WARD 4(5), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

JUGRAJJI BABULAL,CHENNAI vs. ITO NON CORPORATE WARD 4(5), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

KHUSHBU JAIN,CHENNAI vs. ITO NON CORPORATE WARD 5(1), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

NIRMALA DEVI SURESH KUMAR,CHENNAI vs. ITO NON CORPORATE WARD 5(2), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee

SANGEETHA,CHENNAI vs. ITO NON CORPORATE WARD 6(3), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.2657/Chny/2018 ("नधा"रण वष" / Assessment Year: 2010-11) Vs The Income Tax Officer, Smt. Khushbu Jain, No.31, Krishanappa Tank Street, Non Corporate Ward 5(1), 1St Floor, Sowcarpet, Chennai. Chennai – 600 079. Pan: Arcpk1200H (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./I.T.A.No.2659/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs The Income Tax Officer, Smt. Nirmala Devi Suresh Kumar, Non Corporate Ward 5(2), No.41, Narayana Mudall Street, Chennai. Sowcarpet, Chennai – 600 079. Pan: Aasps4466N (अपीलाथ"/Appellant) (""यथ"/Respondent)

penny stock, assessed the entire sale consideration as an unexplained credit under section 68 and refused each of the assessee