AISECT LTD. ,BHOPAL vs. ACIT RANGE 1(1), BHOPAL

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Roy

exemption available to said entity has been denied and the reason for such denial as 39 AISECT Ltd ITA No.945, 946, 952 & 953/Ind/2019 mentioned in the assessment order is that the assessee has purchased as well as sold books to AISECT Ltd which have been done with the object of giving direct/indirect benefit to the said company. Thus

ACIT RANGE 1(1), BHOPAL vs. AISECT LTD. , BHOPAL

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Roy

exemption available to said entity has been denied and the reason for such denial as 39 AISECT Ltd ITA No.945, 946, 952 & 953/Ind/2019 mentioned in the assessment order is that the assessee has purchased as well as sold books to AISECT Ltd which have been done with the object of giving direct/indirect benefit to the said company. Thus

SADHU RAM BALANI,INDORE vs. ITO-5(1), INDORE, INDORE

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanisadhu Ram Balani Ito-5(1) Flat No.B-503, Moti Mahal Indore Apartment 28-A, Sector-C Vs. Scheme No.71, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Abspb5367L Assessee By Shri S.N. Agrawal, Ar Shri Ashish Porwal, Sr. Dr Revenue By Date Of Hearing 04.09.2024 Date Of Pronouncement 24.09.2024

purchase and sale of shares by the assessee of M/s. Sunrise Asian Ltd based on the investigation carried out by the Investigation Wing, Kolkata wherein certain persons were found indulged in providing accommodation entries, inter-alia bogus Long Term Capital Gains which is claimed as exempt

RUPESH VYAS,INDORE vs. THE ACIT3(1), INDORE, INDORE

In the result, this appeal of assessee is dismissed

Bench: Shri T.R. Senthil Kumar & Shri B.M. Biyani

exempted capital gains. iii) That even assuming the purchase as genuine, the sales, given the high rates for such penny stocks, with no real buyers, are bogus

HIMANSHU BOTADEARA HUF,INDORE vs. THE ITO 4(3), INDORE

In the result, these two appeals filed by the assesse are

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

bogus transaction of capital gain from the purchase and sale of shares of M/s. Twenty First Century India Limited. The AO has recorded the reasons for reopening of the assessment placed at page no.69 of the paper book without verifying the record available with the AO in the shape of the return of income filed by the assessee

HIMANSHU BOTADEARA HUF,INDORE vs. THE ITO 4(3), INDORE

In the result, these two appeals filed by the assesse are

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

bogus transaction of capital gain from the purchase and sale of shares of M/s. Twenty First Century India Limited. The AO has recorded the reasons for reopening of the assessment placed at page no.69 of the paper book without verifying the record available with the AO in the shape of the return of income filed by the assessee

KUMARI AYUSHI NYATI,INDORE vs. ITO-5(5), INDORE

In the result appeals of the assessee(s) namely Kumari

Bench: Hon'Ble Manish Borad & Hon'Ble Madhumita Royassessment Year:2014-15 Kumari Ayushi Nyati Ito, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 To Vs. 7, Indore (Appellant) (Revenue ) P.A. No.Ajppn2679C Assessment Year:2014-15 Smt. Vijaya Nyati, Ito, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.Aappn8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam Ito, Dhar Nyati, Huf बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.Aachv4415Q

bogus entries and manipulation through penny stock companies, concluded that M/s Sunrise Asian Limited is a penny stock company and the Long Term Capital Gain claimed by the assessee is merely an accommodation entry taken for converting unaccounted money into exempt income. Ld. A.O accordingly denied the benefit of exemption and added Rs.36,14,053/- to the income

SMT. MAMTA NYATI DHAMNOD DISTT. DHAR,DHAMNOD vs. ITO DHAR, DHAR

In the result appeals of the assessee(s) namely Kumari

Bench: Hon'Ble Manish Borad & Hon'Ble Madhumita Royassessment Year:2014-15 Kumari Ayushi Nyati Ito, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 To Vs. 7, Indore (Appellant) (Revenue ) P.A. No.Ajppn2679C Assessment Year:2014-15 Smt. Vijaya Nyati, Ito, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.Aappn8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam Ito, Dhar Nyati, Huf बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.Aachv4415Q

bogus entries and manipulation through penny stock companies, concluded that M/s Sunrise Asian Limited is a penny stock company and the Long Term Capital Gain claimed by the assessee is merely an accommodation entry taken for converting unaccounted money into exempt income. Ld. A.O accordingly denied the benefit of exemption and added Rs.36,14,053/- to the income

SMT VIJAYA NYATI, DHAR vs. ITO, DHAR

In the result appeals of the assessee(s) namely Kumari

Bench: Hon'Ble Manish Borad & Hon'Ble Madhumita Royassessment Year:2014-15 Kumari Ayushi Nyati Ito, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 To Vs. 7, Indore (Appellant) (Revenue ) P.A. No.Ajppn2679C Assessment Year:2014-15 Smt. Vijaya Nyati, Ito, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.Aappn8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam Ito, Dhar Nyati, Huf बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.Aachv4415Q

bogus entries and manipulation through penny stock companies, concluded that M/s Sunrise Asian Limited is a penny stock company and the Long Term Capital Gain claimed by the assessee is merely an accommodation entry taken for converting unaccounted money into exempt income. Ld. A.O accordingly denied the benefit of exemption and added Rs.36,14,053/- to the income

VIJAY RADHESHYAM NYATI HUF,DHAR vs. ITO, DHAR

In the result appeals of the assessee(s) namely Kumari

Bench: Hon'Ble Manish Borad & Hon'Ble Madhumita Royassessment Year:2014-15 Kumari Ayushi Nyati Ito, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 To Vs. 7, Indore (Appellant) (Revenue ) P.A. No.Ajppn2679C Assessment Year:2014-15 Smt. Vijaya Nyati, Ito, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.Aappn8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam Ito, Dhar Nyati, Huf बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.Aachv4415Q

bogus entries and manipulation through penny stock companies, concluded that M/s Sunrise Asian Limited is a penny stock company and the Long Term Capital Gain claimed by the assessee is merely an accommodation entry taken for converting unaccounted money into exempt income. Ld. A.O accordingly denied the benefit of exemption and added Rs.36,14,053/- to the income

MANISH KUMAR RADHESHYAM NYATI ,DHAR vs. ITO, DHAR

In the result appeals of the assessee(s) namely Kumari

Bench: Hon'Ble Manish Borad & Hon'Ble Madhumita Royassessment Year:2014-15 Kumari Ayushi Nyati Ito, 5(5) 10, Balaji Vihar, 1-2, Maa Durg Indore बनाम/ Nagar, Navlakha Main Road 1 To Vs. 7, Indore (Appellant) (Revenue ) P.A. No.Ajppn2679C Assessment Year:2014-15 Smt. Vijaya Nyati, Ito, Dhar 5 Nyati House, Mandi Road बनाम/ Dhammod, Dist: Dhar M.P. Vs. (Appellant) (Revenue ) P.A. No.Aappn8302B Assessment Year:2014-15 Shri Vijay Kumar Radheshyam Ito, Dhar Nyati, Huf बनाम/ 5 Nyati House, Mandi Road Vs. Dhammod, Dist: Dhar M.P. (Appellant) (Revenue ) P.A. No.Aachv4415Q

bogus entries and manipulation through penny stock companies, concluded that M/s Sunrise Asian Limited is a penny stock company and the Long Term Capital Gain claimed by the assessee is merely an accommodation entry taken for converting unaccounted money into exempt income. Ld. A.O accordingly denied the benefit of exemption and added Rs.36,14,053/- to the income

RUPESH VYAS,INDORE vs. THE ACIT3(1), INDORE, INDORE

In the result, this appeal of assessee is dismissed

Bench: Ms. Suchitra Kamble & Shri B.M. Biyani

exempted capital gains. iii) That even assuming the purchase as genuine, the sales, given the high rates for such penny stocks, with no real buyers, are bogus

SHRI BHAWANI SHANKAR PARASHAR,INDORE vs. THE DCIT/ACIT 1 (2), INDORE

In the result, appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanishri Bhawani Shankar Pr. Cit-1 Prashar Indore 28, Lasudia Mori, Vijay Vs. Nagar, Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Bgbpp 2475 G Assessee By Shri S.N. Agrawal, Ar Revenue By Shri P.K. Mishra, Cit-Dr Date Of Hearing 02.05.2023 Date Of Pronouncement 21.06.2023

Exemption) vs. Slum Rehabilitation Authority 412 ITR 521 as under: Page 17 of 21 Bhawani Shankar Page 18 of 21 “9. This Court in case of Narendrakumari (supra) considered the principle of merger of the order of assessment into that of the order of the Appellate Commissioner. It was held that when the order of assessment merges with the order

RITU MITTAL,BURHANPUR vs. ITO BURHANPUR, BURHANPUR

In the result, all grounds raised by the assessee(s) are allowed and appeals filed by the assessee in ITANo

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2015-16

bogus and non genuine denied the benefit of exemption and added Rs.16,54,227/- as income from other source. The income assessed at Rs.19,76,890/-. 6. Aggrieved assessee preferred an appeal before the ld. CIT(A) but failed to get any relief. Ld. CIT(A) placing reliance on various decisions came to the conclusion that complete transaction of purchase

NEELAM MITTAL,BURHANPUR vs. ITO BURHANPUR, BURHANPUR

In the result, all grounds raised by the assessee(s) are allowed and appeals filed by the assessee in ITANo

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2015-16

bogus and non genuine denied the benefit of exemption and added Rs.16,54,227/- as income from other source. The income assessed at Rs.19,76,890/-. 6. Aggrieved assessee preferred an appeal before the ld. CIT(A) but failed to get any relief. Ld. CIT(A) placing reliance on various decisions came to the conclusion that complete transaction of purchase

SMT. SHEELA AGRAWAL,INDORE vs. ITO-5(5), INDORE

In the result, all three appeals of two assessee are allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

bogus and thereby making the addition u/s 68 of the Act without allowing brokerage expenses. The assessee is an individual and derives income from sale and purchase of shares as well as interest. The assessee filed her return of income for the year under consideration on 31st July 2014 declaring total income of Rs.7498/- after claiming the exemption

SMT. SHEELA AGRAWAL,INDORE vs. ITO-5(5), INDORE

In the result, all three appeals of two assessee are allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

bogus and thereby making the addition u/s 68 of the Act without allowing brokerage expenses. The assessee is an individual and derives income from sale and purchase of shares as well as interest. The assessee filed her return of income for the year under consideration on 31st July 2014 declaring total income of Rs.7498/- after claiming the exemption

ANKUR AGRAWAL,INDORE vs. ITO-5(1), INDORE

In the result, all three appeals of two assessee are allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

bogus and thereby making the addition u/s 68 of the Act without allowing brokerage expenses. The assessee is an individual and derives income from sale and purchase of shares as well as interest. The assessee filed her return of income for the year under consideration on 31st July 2014 declaring total income of Rs.7498/- after claiming the exemption