CHANDRA PRAKASH JAIN,JAIPUR vs. CIRCLE 1, JPR, JAIPUR

In the result, ground raised by the assessee is partly allowed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

penny stock (in the case of Cresanda Solutions) against Hon'ble High Court of Delhi order dated 17/09/2019 has been dismissed by the Hon'ble Apex Court on 22/11/2019 and the various judicial pronouncements such as 1) Sanjay Bimal Chand Jain/H Shantidevi Bimalchand Jain Vs PCIT(ITA No. 18/2017 Bombay High court (Nagpur Bench) 2) Balbir Chand Maini

SITA DEVI AGARWAL,JAIPUR vs. ITO, WD-4(1), JAIPUR

In the result, the appeal filed by the assessee is allowed

disallowing long form capital gain exemption U/S 10(38) of the IT Act on the basis of investigation report with named list of penny stock

AGRASEN PRIMSES PRIVATE LIMITED,JAIPUR vs. ITO WARD 5(1), JAIPUR

In the result, the appeal of the assessee is allowed

disallowed.\n13) The assessee submitted before Ld. CIT (Appeals) that Penny Stock\nCompany has not been defined in the act. There

KARUNA JAIN,JAIPUR vs. ITO WD 2(1), JPR, JAIPUR

In the result, grounds raised by the assessee are dismissed

Bench: Shri Gagan Goyal & Shri Narinder Kumar

disallowed the Assessee's LTCG exemption despite genuine, well-documented share transactions (supported by contract notes, Demat statements, and bank records) executed on recognized stock exchanges and subject to STT. The Assessing Officer's reliance on generic assumptions and unsubstantiated allegations, rather than concrete evidence, is contrary to established precedents (e.g., Parasmal Bhandari and Reena Kumari). Hence, the denial

HARISH SHARMA HUF,B-1, PATODIYA MARG, SHASTRI NAGAR, JAIPUR vs. ITO, WARD-5(3), JAIPUR

In the result the appeal of the assessee is dismissed

penny stock case, the Hon'ble Delhi HC in the case of Udit Kalra vide order dated 08-03-2019 has held as under: "It is intriguing that the company had meagre resources and reported consistent losses. The astronomical growth of the value of company's shares naturally excited the suspicions of the revenue. The company was even directed

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock

ACIT, C.C. -4, JAIPUR vs. MAVERICK COMMODITY BROKERS PVT. LTD., JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock

ACIT, CC-4, JAIPUR vs. SHRI MUKUT BEHARI AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock

ACIT, CC-4, , JAIPUR vs. SHRI ANSHUL JAIN, JAIPUR

In the result appeals of the revenue are dismissed

disallowance made and total portfolioas on the last date of balance sheet is tabulated in Annexure attached with this written submission for the sake of convenience.From the perusal of the chart annexed, it is evident that all the assessees have been regularly dealing in shares and hold shares of various companies other than alleged as penny stock

BIRENDRA SINGH NIRBHAY,SIRSI ROAD JAIPUR RAJASTHAN vs. ITO WARD 3(1) JAIPUR, NCRB INCOME TAX DEPARTMENT STATUE CIRCLE JAIPUR RAJASTHAN

In the result, the appeal of the assessee is allowed

disallowance of 100% should be done.\n5.2 Following the decision in the cases discussed above it is held that the profits\nshown from Long Term Capital Gain of Rs.27,87,561/- on a penny stock

DCIT, JAIPUR vs. VIGYAN LODHA, JAIPUR

In the result, the appeal of the Department is dismissed

penny stock companies and their apparent involvement in the Long Term Capital Gains/STCG/Loss scam, were not remained unnoticed, for long, by the SEBI. The SEBI vide its order dated 27.02.2015 has suspended trading in Midland Polymers Limited. The order is reproduced hereunder. "To All Trading Members of the Exchange Sub: Suspension in trading of securities Trading members are hereby informed

RAJRAJESHWARI GUPTA ,KOTA vs. ITO , WARD 1(1),KOTA, KOTA

In the result, the appeal of the assessee is allowed with no orders as to costs

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

Penny Stocks' not having any place under the provisions of tax laws. 2 RAJ RAJESHWARI GUPTA VS ITO, WARD 1(3), KOTA 3. That the learned CIT(A) failed to appreciate that the transaction of purchase and sale were genuine and all the requisite prescribed conditions were in existence. 4. That the ld. CIT(A)/AO failed to appreciate that

ACIT, CC-4, JAIPUR vs. SHRI MUKUT BEHARI AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed and the cross

disallowance u/s 10(38) of the Act. 16.3 Further even the discussion by the AO about dubious financials of the penny stock

ACIT, CC-4, JAIPUR vs. SMT. SUNITA AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed and the cross

disallowance u/s 10(38) of the Act. 16.3 Further even the discussion by the AO about dubious financials of the penny stock

ACIT, CC-4, JAIPUR vs. SHRI MUKESH JAIN, JAIPUR

In the result appeals of the revenue are dismissed and the cross

disallowance u/s 10(38) of the Act. 16.3 Further even the discussion by the AO about dubious financials of the penny stock

ACIT, CC-4, JAIPUR vs. SMT. ASHA JAIN, JAIPUR

In the result appeals of the revenue are dismissed and the cross

disallowance u/s 10(38) of the Act. 16.3 Further even the discussion by the AO about dubious financials of the penny stock

ACIT, CC-4, JAIPUR vs. SHRI MUKUT BEHARI AGARWAL, JAIPUR

In the result appeals of the revenue are dismissed and the cross

disallowance u/s 10(38) of the Act. 16.3 Further even the discussion by the AO about dubious financials of the penny stock