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

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

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

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

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

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

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

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

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

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

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

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

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

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

capital gain on sale of shares. He failed to appreciate that the appellant did not earn long term gain but incurred business loss on trading in shares of VAS Infra. There was no evidence to show that the assessee has pre-arranged any profit/loss through these shares. The appellant has been carrying on business of dealing in shares treating such

MANORAMA DEVI SHARMA,INDORE vs. ITO-3(1), INDORE

In the result, appeals of the assessee(s) namely Smt

Bench: Hon’Ble Rajpal Yadav & Hon’Ble Manish Boradvirtual Hearing Assessment Year 2014-15

survey u/s 133A of the Act carried out by the department on various brokers of stock exchange and other companies where the investigation team came across various bogus transactions of providing accommodation entries to give benefit to various persons to convert their unaccounted cash Smt. Manorama Devi Sharma & Shri Prakash Bajaj ITA Nos. 39 & 489/Ind/2019, into accounted money

PRATAP BAJAJ,INDORE vs. ITO-4(1) INDORE, INDORE

In the result, appeals of the assessee(s) namely Smt

Bench: Hon’Ble Rajpal Yadav & Hon’Ble Manish Boradvirtual Hearing Assessment Year 2014-15

survey u/s 133A of the Act carried out by the department on various brokers of stock exchange and other companies where the investigation team came across various bogus transactions of providing accommodation entries to give benefit to various persons to convert their unaccounted cash Smt. Manorama Devi Sharma & Shri Prakash Bajaj ITA Nos. 39 & 489/Ind/2019, into accounted money

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

capital gains earned during the year were duly disclosed. The case was not picked up for scrutiny. The time limit to issue notice u/s 143(2) for the year had already expired on 30/09/2011. No proceedings were pending against the assessee for this year on the date of search. Hence, it was non- abated year. Therefore, the addition, which could

PAWAN KUMAR CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

capital gains earned during the year were duly disclosed. The case was not picked up for scrutiny. The time limit to issue notice u/s 143(2) for the year had already expired on 30/09/2011. No proceedings were pending against the assessee for this year on the date of search. Hence, it was non- abated year. Therefore, the addition, which could

MANISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

capital gains earned during the year were duly disclosed. The case was not picked up for scrutiny. The time limit to issue notice u/s 143(2) for the year had already expired on 30/09/2011. No proceedings were pending against the assessee for this year on the date of search. Hence, it was non- abated year. Therefore, the addition, which could

ASHISH CHHAPARIA,MUMBAI vs. ITO BURHANPUR, BURHANPUR

Appeal is allowed

Bench: Shri Manish Borad& Ms. Madhumita Roy

capital gains earned during the year were duly disclosed. The case was not picked up for scrutiny. The time limit to issue notice u/s 143(2) for the year had already expired on 30/09/2011. No proceedings were pending against the assessee for this year on the date of search. Hence, it was non- abated year. Therefore, the addition, which could

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

capital gain u/s 10(38) for which the assessee’s case was re-opened u/s 147 and that the AO has not at all verified the issue and relevant facts involved. The assessee filed reply to show-cause notice which is re-produced by PCIT in Para No. 4 of revision-order. However, the PCIT rejected reply of assessee vide

M/S SUPREMO INDIA LTD ,INDORE vs. THE AIT CENTRAL 3, INDORE

In the result, appeal of assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Supremo India Pvt. Ltd. Acit Central-3 400/2, Halka Patwari No.52 Indore Vs. Badiakeema Dudhiya, B.O. Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Aafcs 9822 C Assessee By Shri S.S. Solanki, Ar Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 01.05.2023 Date Of Pronouncement 07.06.2023

133A is treated as deemed income u/s 69B/69A of the I.T.Act, 1961 and to be taxed as per provisions of secretion 115BBE of the I.T.Act, 1961. Penalty proceeding u/s 271AAC is also initiated separately. 6. The AO has applied the provision of section 69B of the Act for want of any supporting evidence regarding source of excess stock and nature

DECENT INDUSTRIES P. LTD.,BHOPAL vs. ITO-1(2), BHOPAL

Appeal is partly allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani(Virtual Hearing) Assessment Year: 2012-13 M/S Decent Industries Ito-1(2), Private Ltd, Bhopal 5Th Floor, Corporate Park, बनाम/ Db City Area Hills, Vs. Opp. M.P. Nagar Zone I, Bhopal (Assessee/Appellant) (Revenue/Respondent) Pan: Aaeca6271G Assessee By Ms. Shilpa Gupta & Shri N.K. Gupta Revenue By Shri V.K. Singh, Cit-Dr Date Of Hearing 04.06.2024 Date Of Pronouncement 20.08.2024

133A was conducted by Investigation Wing on 02.07.2013 upon Shri Anand Sharma and subsequently statements of Shri Anand Sharma were also recorded u/s 131 on 06.01.2014. It emerged from the confessions and admissions of Shri Anand Sharma in sworn statements that he is an accommodation provider. In reply to Q.No. 6 and 8, Shri Anand Page

RAKESH KUMAR SOMANI,KHANDWA vs. ITO-1, KHANDWA, KHANDWA

In the result, both the appeals are dismissed

Bench: Shri Manish Boradrakesh Kumar Somani, Ito-1, 10, Ramganj Road, Khandwa Vs. Khandwa (M.P) (Appellant / Assessee) (Respondent/ Revenue) Pan: Azgps3988J Assessee By Shri S.N. Agrawal, Ar Revenue By Shri Ashish Porwal, Sr.Dr Date Of Hearing 29.07.2024 Date Of Pronouncement 31.07.2024 O R D E R

u/s 133A of the Act was conducted at the business premises of the Rakesh Kumar Somani assessee on 27.7.2012 and so far as the relevant appeal is concerned a Saudha Chitthi dated 30.09.2010 was found at his premises which contained the transaction of sale of agriculture land situated at Gram Torni, Tehsil Khandwa for a consideration of Rs.91

SANTOSH RATHORE,INDORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, INDORE - 1, INDORE

Appeal is allowed

capital gains from each script is to be filled in Such ITR-2 was available\nbefore the AO when he recorded the reasons before issue of notice u/s 148 of\nthe Act. It appears that Assessing Officer has recorded the reasons in\nmechanical manner without any independent application of mind and\nwithout making any enquiry nor making any other

M/S MARS COIONIZER P LTD ,RAIPUR vs. ACIT CENTRAL -II, RAIPUR

Appeal is allowed in terms mentioned above

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year: 2013-14 M/S. Mars Colonizer Acit, Central-2, Private Limited, Bhopal C/O Hotel Amit Regency, बनाम/ Saibaba Complex, Vs. Moti Bag Chowk, Raipur (Appellant/Assessee) (Respondent/Revenue) Pan: Aafca 6847 B Assessee By Shri Hitesh Chimnani & Shri Yash Kukreja, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 08.02.2024 Date Of Pronouncement 04.04.2024

133A of the Act was conducted upon assessee- company on 30.11.2012 alongwith searches u/s 132 on ‘Amrit Bindra Group of Bhopal’ and ‘Mahendra Ahuja Group of Raipur’. During survey, the statements of Shri Amit Ahuja, director of assessee, were recorded wherein Shri Amit Gupta made a surrender of income of Rs. 75,00,000/-. Thereafter, the assessee-company filed return

NARENDRA KUMAR AGRAWAL,BURHANPUR vs. PCIT INDORE-1, INDORE

In the result, appeal of the assessee is allowed

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaninarendra Kumar Agrawal Pcit (1) 203, Ck Campus Aaykar Bhawan Bahadarpur Road Vs. Indore Burhanpur (Appellant / Assessee) (Respondent/ Revenue) Pan: Adapa0131B Assessee By Shri S.N. Agrawal & Pankaj Mogra, Ars Revenue By Shri Ram Kumar Yadav, Cit-Dr Date Of Hearing 20.08.2024 Date Of Pronouncement 29.08.2024

survey action u/s 133A by Investigation Unit Mumbai under Project Falcon, it was found that various brokers are engaged in facilitating fictitious losses through coordinated and premeditated trading in illiquid stock options. One of such stock brokers admitted in his statement that he was engaged in providing fictitious losses/profit through BSE equity/derivative trading through his concern M/s Xpro Securities