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)

penny stocks was nothing but a well thought manipulation to book manufactured loss in connivance with the entry operators/ shares brokers. In case of Sh. Avtar Singh, Sirsa vs Department Of Income Tax on 8 November, 2012 IN THE INCOME TAX APPELLATE TRIBUNALCHANDIGARH BENCH 'A' CHANDIGARH ITA No. 948/CHD/2011 Assessment Year: 2008-09 the honorable ITAT has held the share

BISHWA NATH KHARAKIA,KOLKATA vs. I.T.O.,WARD-34(1), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap(Kz)] [Through Virtual Court] I.T.A. No. 1487/Kol/2019 Assessment Year: 2010-11 Bishwa Nath Kharakia......................................……………………………………………………Appellant 39, Strand Road, Room – 68, Kolkata – 700 001. [Pan: Afopk 1288 D] Vs Ito, Ward – 34(1), Kolkata...................……………………………………………….............Respondent Appearances By: Shri S.M. Surana, Advocate Appearing On Behalf Of The Assessee. Shri Jayanta Khanra, Jcit, Sr. Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 19, 2021 Date Of Pronouncing The Order : April 23, 2021 Order This Appeal Filed By The Assessee Is Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-10, Kolkata Dated 26.04.2019 & The Grounds Raised By The Assessee Therein Read As Under: “I. That The Ld. Cit (Appeals) Erred In Confirming The Action Of The Learned Income Tax Officer In Making An Addition Of Rs. 8,30,797/-, As Alleged Cash Credit, In Place Of Treating The Same As Long Term Capital Gain Earned By The Appellant On Sale Of Shares Exempt U/S 10(38) Of The I.T. Act, 1961. The Learned Cit(A) Has Confirmed The Said Addition On The Alleged Ground That The Transactions Looked To Him As Unnatural & Suspicious In Nature. He Should Have Appreciated That The Shares Were In The Demat Account Of The Appellant For More Than 4 (Four) Years & There Was No Specific Adverse Information Against The Appellant From Dit (Inv.) Ii. That The Learned Cit (Appeals) Erred In Confirming An Addition Of Rs. 4154/- U/S 69C Of The I.T. Act As Alleged

penny stock companies listed with the Calcutta Stock Exchange which was also artificially rigged to provide entry of bogus LTCG and as per the information of DIT, the assessee had transacted in shares of M/s. BPL during AY 2012-13 and accordingly the assessee is one of the beneficiary. According to investigation by the DIT the AO notes that there

MANISH PARASRAMPURIA,KOLKATA vs. A.O., NFAC / D.C.I.T., CIRCLE-43, KOLKATA, KOLKATA

In the result, appeal of the assessee is partly allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2015-16

reassessment proceeding, after discussing the modus operandi of transactions relating to penny stock held that the entire STCG relating to transactions

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

penny stocks on the stock exchange platform. The ld AR referred to the reasons recorded and stated that the AO has recorded in the reasons that the assessee along with two other brokers and promoters of 4 listed companies were banned by SEBI vide order dated 2.12.2010on account of price manipulations and rigging in the stock prices

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. DCIT, CC-2(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

penny stocks on the stock exchange platform. The ld AR referred to the reasons recorded and stated that the AO has recorded in the reasons that the assessee along with two other brokers and promoters of 4 listed companies were banned by SEBI vide order dated 2.12.2010on account of price manipulations and rigging in the stock prices

ASHIKA STOCK BROKING LIMITED,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 2(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

penny stocks on the stock exchange platform. The ld AR referred to the reasons recorded and stated that the AO has recorded in the reasons that the assessee along with two other brokers and promoters of 4 listed companies were banned by SEBI vide order dated 2.12.2010on account of price manipulations and rigging in the stock prices

ASHIKA STOCK BROKING LIMITED, KOLKATA,KOLKATA vs. D.C.I.T., CC-2(1), KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

penny stocks on the stock exchange platform. The ld AR referred to the reasons recorded and stated that the AO has recorded in the reasons that the assessee along with two other brokers and promoters of 4 listed companies were banned by SEBI vide order dated 2.12.2010on account of price manipulations and rigging in the stock prices

DINESH GANGWAL,KOLKATA vs. ITO, WD-50(1), KOLKATA. , KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumari.T.A. No. 1105/Kol/2023 Assessment Year: 2013-2014 Dinesh Gangwal,.....................................Appellant Olympus Court, Flat 102, Block-B, 4/2, Sarat Bose Road, Kolkata-700020 [Pan: Adxpg0498E] -Vs.- Income Tax Officer,.................................Respondent Ward-50(1), Kolkata, Income Tax Office, Manicktala, Civil Centre, Uttarapan Complex Ds-Iv, Kolkata-700067 Appearances By: Shri Sunil Surana, A.R., Appeared On Behalf Of The Assessee Shri Amitava Sen, Addl. Cit, D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : December 18, 2023 Date Of Pronouncing The Order: December 26, 2023 O R D E R

penny stock and everything was created artificially in order to give profit / bogus Long Term Capital Gain to the assessee for consideration of money paid by the assessee out of his / her undisclosed income which was not included in her return income. Hence, after due application of mind, I have reasons to belief that there is live link with

SATISH KUMAR LAKHMANI,KOLKATA vs. PR.CIT-10, KOLKATA, KOLKATA

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"ी, लेखा सद"य एवं/And "ी ऐ. टी. वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

RITIN LAKHMANI,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

RACHIT LAKHMANI ,KOLKATA vs. PR.CIT - 10, KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

JAIKISHAN LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

PRAVESH KUMAR LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

REETA LAKHMANI,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

GOPICHAND LAKHMANI ,KOLKATA vs. PR.CIT - 10, KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

RAVISH LAKHMANI ,KOLKATA vs. PR.CIT - 10 , KOLKATA

In the result, all the appeals filed by the assessees are allowed

Bench: Sri J. Sudhakar Reddy & Ms. Madhumita Roy)

penny stock matters before ITAT, High Court and Supreme Court irrespective of the monetary limits. He referred to the theory of preponderance of probabilities and submitted that the AO in this case has failed to properly examine the claims of the assessee and has granted exemption. He justified the directions of Pr. CIT requiring the AO to add the gross

NARAYAN SUPPLIERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 6(3), KOLKATA, KOLKATA

In the result, appeal of the assessee is dismissed

stocks were not at all treated as Penny\nStock by any controlling authority at the point of time of purchase of\nshares.\nIt is, therefore, clear that there was no lawful application of the mind\nby the AO on the information received by him nor he has made any\nenquiry to show that whatever stated in the reasons was believable

SUBHRA DUGAR,KOLKATA vs. ITO, WARD-33(7), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Rajesh Kumar]

reassessment is bad in law as the reopening of assessment has been made without any independent application of mind that too on the borrowed satisfaction. 2 I.T.A. No.318/Kol/2024 Assessment Year: 2012-13 Subhra Dugar 3. Facts in brief are that the assessee filed return of income on 04.12.2012 declaring total income of Rs. 4,34,360/-. During the year

RAJPAT PANDYA,KOLKATA vs. ITO, WARD-36(1), KOLKATA

In the result, both the appeals of the captioned assessee(s) 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, issued notices under section 148 of the Act, which were duly served upon the assessees and reassessment