SANDEEP GUPTA,GHAZIABAD vs. PR, CIT, GHAZIABAD

In the result, the appeal of the assessee is allowed

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2015-16 Sandeep Gupta, Vs. Pr. Cit 152, Chanderpuri, Ghaziabad Ghaziabad, Uttar Pradesh 201009 (Appellant) (Respondent)

penny stock as one-off investment to claim bogus exemption u/s 10(38) of the Act. The AO had rightly initiated penalty u/s 271

SUNITA SARDA,NEW DELHI vs. ACIT CIRCLE 71(1), NEW DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shris.Rifaur Rahmansunita Sarda, Vs. Acit, Circle 71 (1), 5/5761, Dev Nagar, Karol Bagh, New Delhi. New Delhi – 110 005. (Pan : Aanps7143M) (Appellant) (Respondent) Assessee By : Ms. Vidhi Mangla, Advocate Revenue By : Shri Sanjay Kumar, Sr. Dr Date Of Hearing : 12.03.2025 Date Of Order : 14.05.2025 O R D E R 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax Appeals/National Faceless Appeal Centre (Nfac), Delhi (Hereinafter Referred To ‘Ld. Cit (A)’) Dated 06.06.2023 For Assessment Year 2011-12. 2. Brief Facts Of The Case Are, Assessee Has Filed Her Return Of Income For The Year Under Consideration On 29.09.2011 Declaring Total Income Of Rs.4,42,000/-. The Department Has Received Information From Office Of Ddit (Inv.), Unit 6 (3), New Delhi On 06.03.2018 That The Assessee Has Taken Bogus Accommodation Entry Amounting To Rs.17,25,000/- During Fy 2010-11 By Trading In The Penny Scrip I.E. M/S. Global Capital

penalty proceedings u/s 271(1)(c) r.w.s 274 of the Act despite non-satisfaction of mandatory statutory ingredients and the legal unsustainability of the impugned addition.” 8 At the time of hearing, ld. AR for the assessee submitted detailed written submissions, which is reproduced below for the sake of brevity :- “A. Statutory ingredients of Section 68 not satisfied- Absence

GENERAL MOTORS TECHNICAL CENTRE INDIA PVT LTD,GURUGRAM vs. ACIT,CIRCLE, 1(1) , GURUGRAM

In the result, appeal filed by the assessee is allowed

Bench: Shris.Rifaur Rahmansunita Sarda, Vs. Acit, Circle 71 (1), 5/5761, Dev Nagar, Karol Bagh, New Delhi. New Delhi – 110 005. (Pan : Aanps7143M) (Appellant) (Respondent) Assessee By : Ms. Vidhi Mangla, Advocate Revenue By : Shri Sanjay Kumar, Sr. Dr Date Of Hearing : 12.03.2025 Date Of Order : 14.05.2025 O R D E R 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax Appeals/National Faceless Appeal Centre (Nfac), Delhi (Hereinafter Referred To ‘Ld. Cit (A)’) Dated 06.06.2023 For Assessment Year 2011-12. 2. Brief Facts Of The Case Are, Assessee Has Filed Her Return Of Income For The Year Under Consideration On 29.09.2011 Declaring Total Income Of Rs.4,42,000/-. The Department Has Received Information From Office Of Ddit (Inv.), Unit 6 (3), New Delhi On 06.03.2018 That The Assessee Has Taken Bogus Accommodation Entry Amounting To Rs.17,25,000/- During Fy 2010-11 By Trading In The Penny Scrip I.E. M/S. Global Capital

penalty proceedings u/s 271(1)(c) r.w.s 274 of the Act despite non-satisfaction of mandatory statutory ingredients and the legal unsustainability of the impugned addition.” 8 At the time of hearing, ld. AR for the assessee submitted detailed written submissions, which is reproduced below for the sake of brevity :- “A. Statutory ingredients of Section 68 not satisfied- Absence

AMIT JINDAL,DELHI vs. ITO WARD 59(3), NEW DELHI

Bench: Shri R.K. Panda & Shri N. K. Choudhry[Assessment Year: 2015-16] Amit Jindal, Ito-59(3), 105, Defence Enclave, D-Block, Delhi-110092 Vs Vikas Bhawan, I.P. Estate, New Delhi -110002 Pan-Aflpj2122A Assessee Revenue

penny stock companies was not to derive income by way dividend etc. rather, to earn huge profit. d) The entry providers (as mentioned in para 6.2 above) in their statements have admitted that M/s Salasar Trading; M/s. Ganpati Enterprises; and M/s. Mahadev Traders; are the companies involved in providing accommodation entries. Thus, the above companies are exit provider

ARUN DWIVEDI,NEW DELHI vs. ACIT, CIRCLE-9(2), NEW DELHI

In the result, the appeal of the assessee is allowed

penalty proceedings u/s 271(1)(c) of the Act is\ninitiated separately for failure to disclose the true particulars of\nincome as mentioned above.”\nAggrieved with the said order, the assessee preferred an appeal\nbefore the Ld. CIT(A). However, the Ld. CIT(A) confirmed the action of the\nAO in computing the Long Term Capital Gain of Rs.17

JURASIC REFINERS & JEWELS PVT. LTD. (FORMERLY JURASSIC FINANCE & CONSULTANTS PVT. LTD.),DELHI vs. ADDL. CIT, SPECIAL RANGE- 5, NEW DELHI

In the result, the appeal of the assessee is dismissed

penalty proceedings u/s 271(l)(c) of the Act, are further illegal as against the law and to the facts of the case. 13. That the appellant company assails their right to amend, alter or change any grounds of appeal at any time even during the course of hearing of this instant appeal.” 2. At the time of hearing

LATE SMT.MAMTA GOYAL, THROUGH HER LEGAL HEIR, SH. SHASHANK GOYAL,AGRA vs. ITO WARD-39(1), NEW DELHI

In the result, the appeal of the assessee stands dismissed

Bench: Shri Shamim Yahya[Assessment Year: 2015-16] Late Smt. Mamta Goyal, The Income Tax Officer, Through Her Legal Hier, Sh. Ward-39(1), Shashank Goyal, Vs New Delhi 145, Kaveri Kunj, Phase-2, Kamla Nagar, Agra Uttar Pradesh-282005 Pan-Aflpg5456Q Assessee Revenue

penalty proceedings u/s 271 (1)(c) of the Act particularly when the appellant had neither concealed any particulars of income nor had any intention to evade any tax or furnished any inaccurate particulars of income . 3. Brief facts of the case are that the assessee has filed a return showing income of Rs. NIL- on 23.03.2016 which was selected

RADHA GOEL,NEW DELHI vs. ITO, WARD- 2(2), GHAZIABAD

In the result, the assessee’s appeal stands dismissed

Bench: Imposing Tax On Assessee. The Action Of Authorities Below Is Wrong, Illegal, Bad

Penny stock companies all confess to such a scheme with detailed modus operandi which tallies with actual transactions viii) The assessee is one such beneficiary who has taken entry of L TCG amounting to Rs.59,60,776/-. ix) As the trading in these shares was done. at a pre- determined time between pre- determined brokers at a pre-determined price

DCIT, CIRCLE-13(1), NEW DELHI vs. JARUL INFRASTRUCTURE PVT. LTD, NEW DELHI

In the result, the Revenue’s appeal is dismissed

Bench: Shri Shamim Yahya & Shri Anubhav Sharma[Assessment Year: 2012-13]

Penalty proceedings U/s 271(1)(c) of the Income Tax Act, 1961 for concealment of income as aforesaid and furnishing inaccurate particulars within ther meaning of explanation 1 to the sub-section (1) of the section 271(1)(c) of the Income Tax Act, 1961 are initiated. In view of the above discussion, the total income of the assessee

ASHOK KUMAR JAIN,GHAZIABAD vs. DEPUTY COMMISSIONER, NOIDA

In the result, the appeal of the assessee is allowed for statistical\npurposes

penalty proceedings u/s 271(1)(b) &\n271(1)(C) of the I.Tax Act.\"\n5. Ld.AR for the assessee submitted that claim of the assessee is\nthat AO has made the addition by treating the capital gains declared\nfrom the sale of scrip of M/s. Achal Investment Ltd. of INR\n1,19,63,230/- as unexplained credit u/s

M/S. JOINT STOCK COMPANIES FOREIGN ECONOMIC ASSOCIATION,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

In the result, assessee’s appeal stands dismissed

Bench: Sh. Shamim Yahya & Shri Kul Bharatm/S. Joint Stock Companies Vs. Dcit Foreign Economic Circle – 2(1)(2), International Association, Plot Ep-15, Taxation, New Delhi Dr Jose Rizal Marg, Chanakya Puri, New Delhi – 110 021 Pan No. Aaacf 7011 K (Appellant) (Respondent) Assessee By -None Revenue By Shri Vijay B. Vasanta, Cit-D.R. Date Of Hearing: 08.11.2023 Date Of Pronouncement: 10.11.2023

penalty proceedings u/s 271(1)(c) of the Act without appreciating that the provisions of above section are not applicable as neither there was any concealment of income nor furnishing of inaccurate particulars and accordingly, DRP also erred in not directing the Assessing Officer to drop the proceedings. 6. That the Appellant crave to leave to amend, withdraw or modify

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 :-

penalty proceedings us 271(1)(c) of the Income Tax Act, 1961 have been initiated separately.” 13 15. Aggrieved with the above order, assessee preferred an appeal before the ld. CIT (A) and before ld. CIT (A), assessee has submitted as under :- “1. Principles laid down in the circular No. 04/2007 dt. 15th June, 2007 are satisfied to treat