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 accommodation entries of long term capital gain arising from purchase and sale of shares of certain penny stock companies

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 accommodation entries of long term capital gain arising from purchase and sale of shares of certain penny stock companies

GOVIND HARINARAYAN AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

DARSHAN KUMAR PAHWA,INDORE vs. DCIT CIRCLE5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

PRAYANK JAIN,INDORE vs. ACIT5(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

SAPAN SHAH,INDORE vs. ACIT-4(I), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

MANISH GOVIND AGRAWAL HUF,INDORE vs. I T O 2(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

SHIV NARAYAN SHARMA,INDORE vs. ACIT CIRCLE 3(1), INDORE

Bench: Hon’Ble Manish Borad & Hon’Ble Madhumita Royassessment Year 2014-15

bogus LTCG/STCL in their books and arranges the same through the scrip’s of penny stock companies. The operator manages many paper/bogus companies and uses them to do circular transactions to rig the price of the shares. The shares of these penny stock companies, although listed on exchange are always closely held and are controlled by the promoter

SEEMA LUNAWAT,RATLAM vs. INCOME TAX OFFICER, MANDSAUR

Appeal is allowed

penny stocks.\"\nFrom the above it is clear that the Ld. AO himself not clear that from which source the\ninformation has come and on basis of which information the case was reopened and\nwhich also proves that the reopening was done merely on the basis of borrowed\nsatisfaction, and it was not the reason to believe

RITESH BANSAL,KHAJURI BAZAR, INDORE vs. PCIT, INDORE-1, AAYAKAR BHAWAN, OPP. WHITE CHURCH, WHITE CHURCH ROAD, RESIDENCY AREA, INDORE

Bench: Shri B.M. Biyani & Shri Dinesh Mohan Sinhaassessment Year:2014-15 Ritesh Bansal, Pr. Cit-1, G-16, Ganesh Complex Indore बनाम/ Khajuri Bazar, Vs. Indore (Assessee/Appellant) (Revenue/Respondent) Pan: Acipb4025C Assessee By Shri Kunal Agrawal & Harshit Chowkse, Ars Revenue By Shri Ram Kumar Yadav, Cit-Dr Date Of Hearing 17.12.2024 Date Of Pronouncement 31.01.2025

penny stock is only a way to route unaccounted income in books without paying any tax. 3. Thus, it is clear from the above that you had claimed bogus LTCG OF Rs. 2,22,82,125/- and also made commission expenses @5% ie. Rs. 11,14,105/-. Hence total of Rs. 2,33,96,230/- is your undisclosed income

INCOME TAX OFFICER 5(1), INDORE vs. UMANG DEVELOPERS, INDORE

Appeals are dismissed

bogus and entry provider but\nthe Hon'ble Jurisdictional Tribunal held otherwise on perusal of the audited\naccounts of the lender - demonstrating enough reserves and surplus.\nFacts on record, appellant's submission and case laws have been perused. The\naddition was made first by the AO in assessment order u/s 143(3) dated\n29.12.2019 for want of documents other than

INCOME TAX OFFICER INDORE 5(1), INDORE vs. UMANG DEVELOPERS, INDORE

Appeals are dismissed

bogus and entry provider but\nthe Hon'ble Jurisdictional Tribunal held otherwise on perusal of the audited\naccounts of the lender - demonstrating enough reserves and surplus.\nFacts on record, appellant's submission and case laws have been perused. The\naddition was made first by the AO in assessment order u/s 143(3) dated\n29.12.2019 for want of documents other than

BABITA CHELAWAT,INDORE vs. DCIT/ACIT 1(1), INDORE, INDORE

The appeal of the assessee is allowed & the impugned order is set aside

Bench: Shri B.M. Biyani & Shri Paresh M Joshi

purchase of those penny stock shares which was not offered in the IDS scheme. Hence there is no error in the addition so made by the A.O. The reliance is placed on Hon'ble Delhi High Court order in the case of PCIT v. NDR Promoters Pvt. Ltd. [(2019) 410 ITR 3 (Del)], wherein it was held that tax authorities

MOHANLAL KHANDELWAL,INDORE vs. THE ITO-4(1), INDORE

In the result, all the captioned appeals filed by different

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Penny Stock companies and the scrips have been used to provide bogus LTCG to various 8 beneficiaries. Reliance was placed on various statements, like of Sh, Nikhil Jain, Sh. Sanjay Vora, Sh. Rakesh Somani, Sh. Anil Kumar Khemka and Sh. Bidyoot Sarkar, which were all recorded before DDIT (Inv), Kolkata, wherein, the aforesaid persons had admitted that the scrip

RADHESHYAM KHANDELWAL,INDORE vs. ACIT4(1), INDORE

In the result, all the captioned appeals filed by different

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Penny Stock companies and the scrips have been used to provide bogus LTCG to various 8 beneficiaries. Reliance was placed on various statements, like of Sh, Nikhil Jain, Sh. Sanjay Vora, Sh. Rakesh Somani, Sh. Anil Kumar Khemka and Sh. Bidyoot Sarkar, which were all recorded before DDIT (Inv), Kolkata, wherein, the aforesaid persons had admitted that the scrip

SMT. RUKMANI KHANDELWAL,INDORE vs. ITO-4(3), INDORE

In the result, all the captioned appeals filed by different

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Penny Stock companies and the scrips have been used to provide bogus LTCG to various 8 beneficiaries. Reliance was placed on various statements, like of Sh, Nikhil Jain, Sh. Sanjay Vora, Sh. Rakesh Somani, Sh. Anil Kumar Khemka and Sh. Bidyoot Sarkar, which were all recorded before DDIT (Inv), Kolkata, wherein, the aforesaid persons had admitted that the scrip

SHRI SURESH KHANDELWAL,INDORE vs. THE ITO-4(1), INDORE

In the result, all the captioned appeals filed by different

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Penny Stock companies and the scrips have been used to provide bogus LTCG to various 8 beneficiaries. Reliance was placed on various statements, like of Sh, Nikhil Jain, Sh. Sanjay Vora, Sh. Rakesh Somani, Sh. Anil Kumar Khemka and Sh. Bidyoot Sarkar, which were all recorded before DDIT (Inv), Kolkata, wherein, the aforesaid persons had admitted that the scrip

SMT. SANDHYA KHANDELWAL,INDORE vs. ITO 4(3), INDORE

In the result, all the captioned appeals filed by different

Bench: Hon’Ble Madhumita Royassessment Year 2014-15

Penny Stock companies and the scrips have been used to provide bogus LTCG to various 8 beneficiaries. Reliance was placed on various statements, like of Sh, Nikhil Jain, Sh. Sanjay Vora, Sh. Rakesh Somani, Sh. Anil Kumar Khemka and Sh. Bidyoot Sarkar, which were all recorded before DDIT (Inv), Kolkata, wherein, the aforesaid persons had admitted that the scrip