M/S OREF SECURITIES PRIVATE LTD. ,MANDSAUR vs. INCOME TAX OFFICER, INDORE

In the result, appeal of the assessee is allowed

Bench: Shri Manish Borad & Ms.Madhumita Royआयकर अपील सं./ Ita No.70/Ind/2018 "नधा"रण वष"/Asstt. Year: 2013-14 Vs. Ito, Mandsaur. M/S.Oref Securities P.Ltd. 69, Agrasen Nagar B/H. Mid India Mandsaur.

purchase of share had been proved-by assessee - Held, yes - Whether, therefore, appellate authorities had rightly deleted impugned addition made by Assessing Officer - Held, yes [para6] [In favour of assessee] ix) Honorable Delhi High court in the case of CIT vs. Kansal Fincap Ltd. Reported in 221 Taxman 151 Section 68: Cash credits -Share application money - No addition shall

SEEMA LUNAWAT,RATLAM vs. INCOME TAX OFFICER, MANDSAUR

Appeal is allowed

151 of the Income Tax Act, 1961.\nA copy of the satisfaction note recorded before issuing notice under Section\n148 of the Act.\n(b) The AO only provided a copy of the \"reasons to believe\" and failed to furnish the\nrequired copy of the PCIT's approval. This non-compliance is a clear violation of\nprocedural safeguards, rendering

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

151 of the Act.” 6. Then, Ld. AR drew our attention to various notices issued by AO u/s 142(1) and replies filed by assessee in Paper-Book as under: (a) The AO issued notice u/s 142(1) dated 21.01.2022 with following Annexure to assessee: “ANNEXURE In connection with your assessment proceedings for the Assessment Year 2014-15 before

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

Section 148 was issued and the proceeding was carried by the Ld. AO. Upon verification of computation of income it was found that the assessee had shown exempt long term capital gain on purchase/sale of shares at Rs. 74,88,105/-. The assessee in total purchased 2,00,000 quantity of scrip of M/s. Splash Media Works Ltd. from

PAWAN KUMAR CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

Section 148 was issued and the proceeding was carried by the Ld. AO. Upon verification of computation of income it was found that the assessee had shown exempt long term capital gain on purchase/sale of shares at Rs. 74,88,105/-. The assessee in total purchased 2,00,000 quantity of scrip of M/s. Splash Media Works Ltd. from

ASHISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

Section 148 was issued and the proceeding was carried by the Ld. AO. Upon verification of computation of income it was found that the assessee had shown exempt long term capital gain on purchase/sale of shares at Rs. 74,88,105/-. The assessee in total purchased 2,00,000 quantity of scrip of M/s. Splash Media Works Ltd. from

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

Section 148 was issued and the proceeding was carried by the Ld. AO. Upon verification of computation of income it was found that the assessee had shown exempt long term capital gain on purchase/sale of shares at Rs. 74,88,105/-. The assessee in total purchased 2,00,000 quantity of scrip of M/s. Splash Media Works Ltd. from

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

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

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

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

GLOBUS HOUSING,BHOPAL vs. ASSESSMENT UNIT, NFAC, DELHI

The appeal of the assessee is allowed and the “impugned

Bench: Shri Bhagirath Mal Biyani & Shri Paresh M Joshi

151 of the Act is also followed in the instant case. The assessee has received as accommodation entry of Rs.87,20,000/- in its books of Page 5 of 15 Globus Housing ITA. No.872/Ind/2024 – A.Y. 2014-15 accounts from M/s. Jay Jyoti India Pvt. Ltd. which was a paper concern floated by the Shri Sharad Darak. The reason for escapement

DCIT-4(1), INDORE vs. M/S. YAKSHA INFRASTRUCTURE COM. PVT. LTD., TALOJA, RAIGARH

Appeal is dismissed

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

purchase and sale, frequency of transactions, etc.?” 5. The brief fact leading to the case is this that the assessee is a Private Limited Company, engaged, in the business of trading of pulses and other commodity. The company was incorporated on 31.03.2017 under the provisions of Companies Act, 1956 with its registered office at Mumbai which was subsequently transferred

YAKSHA INFRASTRUCTURE COMPANY (P) LTD. (FORMERLY KNOWN FROLIC REALTY (P) LTD.),MUMBAI vs. DCIT-3(1) , INDORE

Appeal is dismissed

Bench: Ms. Madhumita Roy & Shri Bhagirath Mal Biyani

purchase and sale, frequency of transactions, etc.?” 5. The brief fact leading to the case is this that the assessee is a Private Limited Company, engaged, in the business of trading of pulses and other commodity. The company was incorporated on 31.03.2017 under the provisions of Companies Act, 1956 with its registered office at Mumbai which was subsequently transferred