NAVANSH VINIMAY PVT. LTD.,KOLKATA vs. I.T.O., WARD - 8(2), KOLKATA, KOLKATA

In the result, the appeal of the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

penny stock named Banas finance Ltd is added as unexplained credit u/s 68 of the Act, in the absence of any explanation to substantiate the receipt by the assessee and added to the total income of the assessee. As the assessee has deliberately and wilfully furnished inaccurate particulars of income, a conclusion which is obvious from the discussion made

EXIM SCRIPS DEALERS PVT LTD,KOLKATA vs. ITO WARD-5(3), KOLKATA

In the result, appeal of the assessee is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 502/Kol/2020 Assessment Year: 2015-16 Exim Scrips Dealers Pvt. Ltd. Income Tax Officer, Ward-5(3), 412, Mukti Chambers Kolkata Vs 4Th Floor 4, Clive Row Kolkata - 700001 [Pan : Aaace6906E] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Girish Sharma, Fca Revenue By : Shri Biswanath Das, Cit, D/R सुनवाई क" तारीख/Date Of Hearing : 27/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 23/11/2022 आदेश/O R D E R Per Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, Kolkata (Hereinafter The “Ld. Pr. Cit”) Dt. 10/06/2020, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2015-16. 2. This Assessee’S Appeal Is Time Barred By 43 Days. Petition For Condonation Of Delay Has Been Filed. We Have Heard Both The Sides & Find That There Is Reasonable Cause For Delay In Filing Of The Appeal On Time. Hence We Condone The Delay & Admit The Appeal For Hearing.

penny stock tab in ITS) I.T.A. No. 502/Kol/2020 Assessment Year: 2015-16 Exim Scrips Dealers Pvt. Ltd. 3 4.1. This was followed by service of notice u/s 143(2) & (1) of the Act. Submissions filed by the assessee were considered and the ld. Assessing Officer completed the assessment making disallowance

PURUSHOTTAM DAS AGARWAL ,KOLKATA vs. ITO, WARD - 35(1) , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

penny stocks. The Tribunal found that the AO disallowed the loss on trading of penny stock on the basis of some

SOUMITRA CHOUDHURY ,KOLKATA vs. ACIT, CIRCLE - 22 , KOLKATA

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Years :2012-13 Soumitra Choudhury V/S. Acit, Circle-12 28C, Satish Mukherjee 54/1, Rafi Ahmed Road, Kolkata-700026 Kidwai Road, [Pan No.Acnpc 4627 Q] Kolkarta-16 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Miraj D Shah, Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 13-03-2019 सुनवाई क" तार"ख/Date Of Hearing Assessment Year :2015-16 Purushottam Das Agarwal V/S. Income Tax Officer, C/O Balaji Enterprises, Ward-35(1), Aayakar 83/85 N.S. Road, Ground Bhawan Porva, 110, Floor, Kolkata Shantipally, Kokata- [Pan No.Actpa 9138 Q] 107 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri Subash Agarwal Advocate अपीलाथ" क" ओर से/By Appellant Shri Sankar Halder, Jcit-Sr-Dr ""यथ" क" ओर से/By Respondent 14-03-2019 सुनवाई क" तार"ख/Date Of Hearing 15-03-2019 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per S.S.Godara:- These Two Assessees Have Filed Their Instant Appeal(S) For Assessment Year(S) 2012-13 & 2015-16 Against The Commissioner Of Income Tax

penny stocks. The Tribunal found that the AO disallowed the loss on trading of penny stock on the basis of some

HILL QUEEN INVESTMENT PVT. LTD,KOLKATA vs. PCIT-2, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2015-16 Hill Queen Investment (P) Ltd...……………………....................................……………..…….............Appellant Surobala Apartments Flat No. 202 3Rd Floor Block-B Rekhjuani, Bhatinda Rajarhat Kolkata – 700 135 [Pan : Aaacj 2324 P] Vs. Pr. Commissioner Of Income Tax -2, Kolkata..................…………...............................…......Respondent Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Devi Sharan Singh, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 6Th, 2021 Date Of Pronouncing The Order : April 21St, 2021 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, (Hereinafter The “Ld. Cit(A)”), Passed U/S. 263 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 20/03/2020, For The Assessment Year 2015-16. 2. There Is A Delay Of 223 (Two Hundred Twenty Three) Days In Filing Of This Appeal By The Assessee. After Perusing The Petition For Condonation For Delay, We Are Convinced That The Assessee Was Prevented By Sufficient Cause In Filing The Appeal In Time. Hence, We Condone The Delay & Admit The Appeal. 3. The Assessee Is A Company & Filed Its Return Of Income For The Assessment Year 2015-16, Disclosing Total Income Of Rs.20,40,470/- On 28/09/2015. The Case Was Selected For Limited Scrutiny For The Following Reasons:- “(I) Mismatch In Sales Turnover Reported In Audit Report & Itr (Ii) Mismatch In Amount Paid To Related Persons U/S 40A(2)(B) Reported In Audit Report & Itr (Iii) Suspicious Sale Transaction In Shares (Penny Stock Tab In Its)”

penny stocks at the platform of BSE has been received by the Investigation Wing received by the Investigation Wing, Kolkata where it is seen that the scrip , Kolkata where it is seen that the scrip CRESSANDA, KAILASH AUTO & RAJLAXMI KAILASH AUTO & RAJLAXMI is used for providing accommodation entry in the form of is used for providing accommodation entry

PINKY AGARWAL ,KOLKATA vs. ACIT, CC-3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

Penny stocks: The assessee has not tendered cogent evidence to explain how the shares in an unknown company worth Rs.5 had jumped to Rs.485 in no time. The fantastic sale price was not at all possible as there was no economic or financial basis to justify the price rise, the assessee had indulged in a dubious share transaction meant

M/S. NISHIT AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

Penny stocks: The assessee has not tendered cogent evidence to explain how the shares in an unknown company worth Rs.5 had jumped to Rs.485 in no time. The fantastic sale price was not at all possible as there was no economic or financial basis to justify the price rise, the assessee had indulged in a dubious share transaction meant

PRATIK AGARWAL BENEFICIARY TRUST ,KOLKATA vs. ACIT, C.C.-3(1), , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

Penny stocks: The assessee has not tendered cogent evidence to explain how the shares in an unknown company worth Rs.5 had jumped to Rs.485 in no time. The fantastic sale price was not at all possible as there was no economic or financial basis to justify the price rise, the assessee had indulged in a dubious share transaction meant

M/S. GATEWAY FINANCIAL SERVICES LTD., ,KOLKATA vs. ACIT, CC - 3(1), KOLKATA , KOLKATA

In the result, all the appeals of the assessee(s) are allowed as per the terms indicated hereinabove

Bench: Sri Sanjay Garg & Dr. Manish Borad

Penny stocks: The assessee has not tendered cogent evidence to explain how the shares in an unknown company worth Rs.5 had jumped to Rs.485 in no time. The fantastic sale price was not at all possible as there was no economic or financial basis to justify the price rise, the assessee had indulged in a dubious share transaction meant

M/S PATRON VINIMAY PVT. LTD.,KOLKATA vs. I.T.O.,WARD-10(4), KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri P.M. Jagtap(Kz) & Shri A. T. Varkey, Jm]

penny stocks. The Tribunal found that the AO disallowed the loss on trading of penny stock on the basis of some

NAVIN KUMAR KAJARIA,KOLKATA vs. ACIT, CIRCLE - 35, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

penny stocks. The Tribunal found that the AO disallowed the loss on trading of penny stock on the basis of some

SMT. SUSHILA DEVI KAJARIA,KOLKATA vs. ACIT, CIRCLE - 36, KOLKATA , KOLKATA

Bench: Shri S.S, Godara

penny stocks. The Tribunal found that the AO disallowed the loss on trading of penny stock on the basis of some

PRAKASHO DEVI SARIA,SILIGURI vs. D.C.I.T., CIRCLE - 3(1), SILIGURI, SILIGURI

Appeal is allowed in above terms

Bench: Hon’Ble Shri J. Sudhakar Reddy, Am & Shri S.S. Godara, Jm] I.T. A No. 2360/Kol/2017 A.Y 2014-15 Prakasho Devi Saria Vs. Cit(A), Siliguri Pan: Agzpd611L (Appellant) (Respondent)

disallowed the loss are accept of various observation which are enlisted as under: (I) The assessee is not a habitual investor in shares as there was no such record of share investments/dealings even in small amount in any earlier period. She being a senior citizen lady she had no previous knowledge of investing in shares and stocks. How could

ANIL KUMAR AGARWALA,SILIGURI vs. I.T.O.,WARD-1(1), SILIGURI

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

MAMTA DEVI AGARWALA,SILIGURI vs. I.T.O.,WARD-2(1), SILIGURI

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

SUSHILA DEVI MUNDHRA ,KOLKATA vs. ITO, WARD - 36(2) , KOLKATA

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

SHRUTI MUNDHRA ,KOLKATA vs. ITO, WARD - 36(2) , KOLKATA

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

SUMIT BAJAJ ,KOLKATA vs. ITO, WARD - 36(2) , KOLKATA

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

ARUN ROY ,SILIGURI vs. DCIT, CIRCLE - 1, SILIGURI

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed

RAJENDRA KUMAR GUPTA,KOLKATA vs. I.T.O.,WARD-36(1), KOLKATA

In the result, all the appeals of all the captioned assessees are dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma

penny stock companies through which bogus long-term capital gain entries were taken in large numbers by the beneficiaries. The assessee failed to file any satisfactory reply to justify the genuineness of sudden increase and decrease of the prices of equity shares. The ld. Assessing Officer finally assessed the income of the assessee at Rs.52,43,090/- vide order dat3ed