INCOME TAX OFFICER, JAIPUR vs. SANDHYA PATNI, JAIPUR

In the result, the appeal of the revenue is dismissed

Bench: SHRI SANDEEP GOSAIN (Judicial Member)

penny stock which has been treated as undisclosed income of the assessee while passing order u/s 147 read with section 144B of the Income Tax Act. 2. Whether on the facts and in the circumstances of the case, the Ld. CIT (A) is justified in deleting the penalty u/s 271

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

penalty proceedings under Section 271(1)(c) were initiated for\nfurnishing inaccurate particulars of income and for concealment.\n7. Legal and Judicial Reasoning:\ni.\nThe\nassessment order emphasizes that in assessing whether a\ntransaction is genuine or sham, the surrounding circumstances, human\nconduct, and the preponderance of probabilities are relevant.\nii.\nThe Hon'ble ITAT Delhi in Hersh Win Chadha

NIRMAL KUMAR AGRAWAL,JAIPUR vs. DCIT, CIRCLE - 4 , JAIPUR

In the result, the appeal of the assessee is allowed

penny stock has been settled down by filling a declaration under Income declaration scheme. The source of investment so made by the assessee cannot be taxed u/s. 68 of the Act and thereby the ld. AO is taxing the whole receipt without giving the benefit of the money which the assessee invested. Ld. AR of the assessee submitted that

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

ACIT, CC-4, JAIPUR vs. SMT. SANGEETA MANTRI, JAIPUR

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

ACIT,CC-4, JAIPUR vs. SHRI RAMESH KUMAR MANTRI, JAIPUR

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

ACIT,CC-4, JAIPUR vs. SHRI RAMESH KUMAR MANTRI, JAIPUR

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

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

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

u/s 132 (4A) does not apply in this case. No statements whatsoever were recorded of Shri KailashKhandelwal in this regard from whose possession the said Pen Drive was found during the course of search. The assessee has fully explained the entries as appearing in the books of the assessee other than the ones appearing under the last column for which

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3, INCOME TAX OFFICE vs. SHRI SURESH KUMAR GUPTA, SRIGANGANAGAR

In the result the appeal of the revenue in ITA No

penny stocks. In certain cases before us it has been established that the promoters/ Directors of the penny stock companies are also involved and they allowed the entry operators to manage the affairs of the company in return of a commission paid to them. The third set of persons involved, are the share brokers. As 45 ITA No. 54 & 55/JP/2022

DEPUTY COMMISSIONER OF INCOME TAX, INCOME TAX DEPARTMENT, CENTRAL CIRCLE-3 vs. M/S N. M. AGROFOOD PRODUCTS PVT. LTD., SRIGANGANAGAR

In the result the appeal of the revenue in ITA No

penny stocks. In certain cases before us it has been established that the promoters/ Directors of the penny stock companies are also involved and they allowed the entry operators to manage the affairs of the company in return of a commission paid to them. The third set of persons involved, are the share brokers. As 45 ITA No. 54 & 55/JP/2022

LOKENDRA KHANDELWAL,JAIPUR vs. ITO, WARD 7(1), JAIPUR, JAIPUR

In the result, the appeal of the assessee is allowed

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

penalty proceedings u/s 271(1)(c) of the Income-tax Act, 1961 are initiated separately.[Addition of Rs. 3,41,083/-] (7). The reply of the assessee on another issue i.e. commission paid in lieu of bogus entry of short-term Capital Loss, has been considered but not found tenable. The submission of the assessee that he has not entered

SMT. RAGINI JAIN,KOTA vs. INCOME TAX OFFICER, WARD-1-2, KOTA

In the result, the appeal of the assessee is dismissed

Bench: The Date Of Hearing.”

u/s 271(1)(c) imposed by the AO. The penalty so imposed by the ld. AO and confirmed by the CIT (A) is totally contrary to the provisions of law and facts on the record and hence the additions may kindly be deleted in full. 2 Smt. Ragini Jain, Kota. 3. The appellant prays your honour indulgences to add, amend

RAJESH KUMAR AGARWAL,JAIPUR vs. DCIT 1, C.R. BUILDING,JAIPUR, JAIPUR, RAJASTHAN

Bench: The Date Of Hearing Of Appeal.” 3. Succinctly, The Fact As Culled Out From The Records Is That The Return Of Income In This Case Was E-Filed On 29.11.2012 Declaring Total Income Of Rs.

penny stock. As the additions were made penalty proceedings u/s. 271(1)(c) of the Act for furnishing inaccurate particulars

INCOME TAX OFFICER, WARD-1(4), JAIPUR, STATUE CIRCLE, JAIPUR vs. CHAMBOO GUPTA, SHASTRI NAGAR, JAIPUR

In the result, the appeal filed by the Revenue is dismissed

penny stock company. On verification of the papers submitted by him, it was found that the impugned transaction related to sale and purchase of this script, stood duly accounted in the copy of ledger account. The transaction was squared off the same day, i.e. on 14.06.2011, and it resulted in a loss of Rs. 12,433/-. In view

SANTOSH KANWAR,JAIPUR vs. ITO 6(4 ) JAIPUR, JAIPUR

Bench: BEFORE: SHRI GAGAN GOYAL (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

Penalty notice u/s 274 r.w.s. 271(1)(c) is issued separately for furnishing inaccurate particulars.” 4 Santosh Kanwar, Jaipur. 4. Assessee-appellant, an individual, used to draw salary as director of Singla Buildcom Pvt. Ltd. She also used to derive income from capital gains and other sources. As per return of income for the assessment year 2015-16, she declared