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

In the result appeals of the revenue are dismissed

penny stocks and claiming long term capital gain through various brokers on payment of commission. In some cases assessee routed unsecured loan in it's books through jamakharchi companies who's creditworthiness, identity and transactions are not genuine. The assessing officer has discussed the issues in great length in the assessment order. I hereby rely on the reasons mentioned

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

In the result appeals of the revenue are dismissed

penny stocks and claiming long term capital gain through various brokers on payment of commission. In some cases assessee routed unsecured loan in it's books through jamakharchi companies who's creditworthiness, identity and transactions are not genuine. The assessing officer has discussed the issues in great length in the assessment order. I hereby rely on the reasons mentioned

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

In the result appeals of the revenue are dismissed

penny stocks and claiming long term capital gain through various brokers on payment of commission. In some cases assessee routed unsecured loan in it's books through jamakharchi companies who's creditworthiness, identity and transactions are not genuine. The assessing officer has discussed the issues in great length in the assessment order. I hereby rely on the reasons mentioned

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

In the result appeals of the revenue are dismissed

penny stocks and claiming long term capital gain through various brokers on payment of commission. In some cases assessee routed unsecured loan in it's books through jamakharchi companies who's creditworthiness, identity and transactions are not genuine. The assessing officer has discussed the issues in great length in the assessment order. I hereby rely on the reasons mentioned

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

In the result appeals of the revenue are dismissed

penny stocks and claiming long term capital gain through various brokers on payment of commission. In some cases assessee routed unsecured loan in it's books through jamakharchi companies who's creditworthiness, identity and transactions are not genuine. The assessing officer has discussed the issues in great length in the assessment order. I hereby rely on the reasons mentioned

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

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

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

penny stock and surrendered the same for taxation, copy of admission statement of Sh Ramesh Kumar Mantri dated 22.7.2015 and dr 27.7.2015 is being enclosed herewith. III. Copy of the statement, of Sh. Anil Agrawal dt 12.4.2015 enclosed herewith wherein he has stated that the price of script sold by the assessee was managed by him in stock market

SMT. LAKSHMI AGARWAL ,JAIPUR vs. ITO, WARD-4(5), JAIPUR, JAIPUR

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

Bench: recording satisfaction for issuance of notice since the information is specific. Thus the reasons recorded for re-opening is on borrowed satisfaction and not on any satisfaction by the AO. The

penny stock company listed on BSE and trading in this script is highly suspicious and assessee is one of the beneficiaries who has traded in this script. Thus, it is clear that AO has not even applied his mind as to whether the information is received from DDIT Investigation, Kolkata or from DCIT, Central Circle-3(4) Mumbai. Hence

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

In the result, the appeal of the assessee is allowed

Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion/ connivance between the broker and the assessee

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

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