NEERAJ SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

Gain on shares: It is defined by the value of such shares, which are shares of a stock exchange listed company, held by assesses for more than a year. Needless to add, it is exempt from tax under section 10(38) of the Act. iv) Penny Stock: is a stock that trades at a relatively low price and market capitalization

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

Gain on shares: It is defined by the value of such shares, which are shares of a stock exchange listed company, held by assesses for more than a year. Needless to add, it is exempt from tax under section 10(38) of the Act. iv) Penny Stock: is a stock that trades at a relatively low price and market capitalization

UMA SINGAL,NEW DELHI vs. ACIT, CENTRL CIRCLE-3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

Gain on shares: It is defined by the value of such shares, which are shares of a stock exchange listed company, held by assesses for more than a year. Needless to add, it is exempt from tax under section 10(38) of the Act. iv) Penny Stock: is a stock that trades at a relatively low price and market capitalization

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

Gain on shares: It is defined by the value of such shares, which are shares of a stock exchange listed company, held by assesses for more than a year. Needless to add, it is exempt from tax under section 10(38) of the Act. iv) Penny Stock: is a stock that trades at a relatively low price and market capitalization

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

Gain on shares: It is defined by the value of such shares, which are shares of a stock exchange listed company, held by assesses for more than a year. Needless to add, it is exempt from tax under section 10(38) of the Act. iv) Penny Stock: is a stock that trades at a relatively low price and market capitalization

KRISHNA DEVI,NEW DELHI vs. ITO, WARD- 38(3), NEW DELHI

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 6356/Del/2019 : Asstt. Year : 2014-15 Krishna Devi, Vs Income Tax Officer, F-26/124, Sector-7, Rohini, Ward-38(3), New Delhi-110085 New Delhi-110002 (Appellant) (Respondent) Pan No. Abrpd0875E Assessee By : Sh. Kapil Goel, Adv. Revenue By : Sh. Umesh Takyar, Sr. Dr Date Of Hearing: 08.10.2021 Date Of Pronouncement: 04.01.2022

capital gains through transactions in Penny Stocks: i) Pune ITAT:- Rejects capital-gains claim on 'penny stock' sale; Disregards paper

GAURAV AGGARWAL,DELHI vs. ITO WARD 60 (5 ), NEW DELHI

The appeal is dismissed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishishri Gaurav Aggarwal, Income Tax Officer, Flat No. 12, 2Nd Floor, Vs. Ward 60 (5) Sheel Tara House, New Delhi. 4866/24,Ansari Road, Daryaganj New Delhi – 110 002. Pan : Agepa3001F (Appellant) (Respondent)

Capital Gains (LTCG) which is exempt from tax. The modus operand! adopted by the operators was to make the beneficiary buy some shares of a pre- determined Penny stock

SANGEETA DEVI JHUNJHUNWALA,NEW DELHI vs. ITO, WARD-70(1), NEW DELHI

In the result, the appeal of the assessee is partly allowed

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

gain from penny stock company i.e. M/s. HPC Biosciences Limited and that as per Investigation Report of Pr. DIT(Inv.) Kolkatta M/s. HPC Biosciences Limited has been identified as BSE listed stock which has been used for generating bogus long term capital

ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIREET INVESTMENTS PRIVATE LIMITED, DELHI

In the result, the appeal filed by the revenue is partly allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order Per S.Rifaur Rahman,Am: 1. The Appeal Has Been Filed By The Assessee Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (Nfac) [“Ld. Cit(A)”, For Short] Dated 28.12.2023 For The Assessment Year 2004-05. 2. Brief Facts Of The Case Are, Assessee Filed Its Return Of Income For Assessment Year 2004-05 On 31.10.2004 Declaring Income Of Rs.34,80,69,911/-. The Same Was Processed Under Section 143 (1) Of The 2 Income-Tax Act, 1961 (For Short ‘The Act’) On 28.12.2004. The Case Was Selected For Scrutiny & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

stock in trade (The facts which has never been disputed by the Ld. AO) and Circular no. 6/2016 dated 29th February, 2016 with subject "Issue of taxability of surplus on sale of shares and securities - Capital Gains or Business Income - Instructions in order to reduce litigation" is squarely applicable on the fact and circumstances of the appellant company

SACHIN KANODIA,NEW DELHI vs. ITO WARD - 42(2), NEW DELHI

Appeal are dismissed

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

penny stock being used for obtaining bogus Long Term Capital Gain. NO evidence of actual sale except the contract notes

VANEET AGGARWAL,NEW DELHI vs. ACIT, CIRCLE-14(2), NEW DELHI

In the result, appeal of the Assessee is dismissed

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumar

Capital gains out of transactions made in penny stocks:- 1. Suman Poddar Vs. ITO[2020] 268 taxmann 320(SC) (22.11.2019) (2019). 112 taxmann.com

ZILE SINGH,FARIDABAD vs. PR. CIT, FARIDABAD

Appeal of the assessee is dismissed

Bench: Shri Prashant Maharishi & Shri K.N.Charyzile Singh, Vs. Pr. Cit, H. No. 263, Sector-8, Faridabad Faridabad, Haryana Pan: Ajeps1883J (Appellant) (Respondent)

penny stock iv. The company in which the assessee has earned long-term capital gain is part of stock investigated

SANJAY KAUL,NEW DELHI vs. ITO, WARD-24(4), NEW DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri H.S. Sidhu & Shri O.P. Kantassessment Year: 2015-16

penny stock being used for obtaining bogus Long Term Capital Gain. NO evidence of actual sale except contract notes issued

POOJA GUPTA,DELHI vs. PR.CIT- 19 , NEW DELHI

In the result appeal of the assessee is dismissed

Bench: Shri Amit Shukla & Shri Prashant Maharishipooja Gupta, Vs. Pr. Cit, 82, Surya Niketan, Delhi New Delhi Pan: Ahgpa2193K (Appellant) (Respondent)

capital gain. He further stated that the above transaction is purely a penny stock bogus capital gain transaction which has not been

MUKESH MITTAL,NEW DELHI vs. ITO, WARD-41(1), NEW DELHI

capital gain entries through stock brokers trading in circular and penny stocks. The name of the stock which was used

SANJEEV AGRAWAL,NEW DELHI vs. ACIT, CC-15, NEW DELHI

In the result, both the appeals of the assessee areallowed

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

capital gains earned by the assessee within a very short period of time by investing in a penny stock i.e. Capital

SANJEEV AGRAWAL,NEW DELHI vs. ACIT, CC-15, NEW DELHI

In the result, both the appeals of the assessee areallowed

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

capital gains earned by the assessee within a very short period of time by investing in a penny stock i.e. Capital

SUNITA KHEMKA,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 15, JHANDEWALAN EXTN., NEW DELHI

In the result, Appeal of assessee is allowed

Bench: Shri Bhavnesh Saini

capital gains. The A.O. however, proposed that it is an arranged transaction through penny stock companies 4 ITA.No.389/Del./2018