In the result, the appeal of the Revenue is dismissed
Bench: Shri Kul Bharatassessment Year: 2016-17 Income Tax Officer, Ward-1 V. Aditya Agrawal Near New Collectorate, Jhinjhiri- C/O. Shri Ram Food 483501. Product, Industrial Area Bargawan-483501. Pan:Amepa0405H (Appellant) (Respondent) Appellant By: Shri Rahul Badia, Ca Respondent By: Shri N. M. Prasad, Sr. Dr-1 Date Of Hearing: 18 09 2025 Date Of Pronouncement: 30 09 2025 O R D E R
capital gain of Rs.1,24,465/-. Thereafter, the Assessing Officer considering the information from the Investigation Wing, Ahmedabad, came to the conclusion that the transaction pertaining to the purchase and shares of M/s. Safai Herbs Ltd as undertaken by the assessee was not a genuine transaction. Therefore, he held it as a penny stock