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

stock exchange and demat accounts and also it has been claimed that in one case there is a loss and there is no addition u/s 68 of the Act but without going into the merits of the case even on legal ground itself, we, in view settled judicial procedure referred hereinabove, are inclined to hold that there is a violation

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

stock exchange and demat accounts and also it has been claimed that in one case there is a loss and there is no addition u/s 68 of the Act but without going into the merits of the case even on legal ground itself, we, in view settled judicial procedure referred hereinabove, are inclined to hold that there is a violation

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

prices of the scrip. Further the directors in Rockon Fintech were also associated with other penny stock companies. For instance Shri Tushar Rane was associated with Banas Finance Ltd. Further the company has itself also engaged in buying and selling I.T.A. No.: 724/KOL/2022 Assessment Year: 2012-13 Navansh Vinimay Pvt. Ltd. penny stock. The company has made huge trades

GILT COMMODITIES PVT. LTD.,KOLKATA vs. I.T.O.,WARD-3(1), KOLKATA

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

Bench: Sri Rajpal Yadav, Vice- & Sri Sanjay Awasthi

penny stock, which was later upheld by the Ld. CIT(A). Taking cognizance of merits of the self-speaking contents of the assessment order, this order deserves to be upheld by the Hon'ble ITAT.” c) The ld. Counsel for the assessee repeated his arguments, as mentioned (supra), and further emphasized that the AO has tried to project the case

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, both the appeals of the assessee in ITA Nos

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm

price of the alleged two companies, he finally observed that the trading loss of ₹27,22,778/- and ₹13,73,451/- incurred by the assessee in stock trading of BCSL and CCLII respectively, is bogus and total of these two losses i.e. ₹40,96,229/- deserves to be disallowed. Accordingly, income of the assessee assessed

MEGAPODE VYAPAAR PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE - 1(2), KOLKATA, KOLKATA

In the result, both the appeals of the assessee in ITA Nos

Bench: Dr. Manish Borad, Am & Shri Sonjoy Sarma, Jm

price of the alleged two companies, he finally observed that the trading loss of ₹27,22,778/- and ₹13,73,451/- incurred by the assessee in stock trading of BCSL and CCLII respectively, is bogus and total of these two losses i.e. ₹40,96,229/- deserves to be disallowed. Accordingly, income of the assessee assessed

NAMOKAR BUILDERS PVT. LTD.,KOLKATA vs. D.C.I.T., CENTRAL CIRCLE -2(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajpal Yadav & Shri Rajesh Kumar, Am]

price when the syndicate wanted to provide accommodation entries for trading loss. The AO also noted that due to the transactions of purchase and sale of penny stocks, the assessee has declared less taxable income. Hence, summons u/s. 131 of the Act was also issued to M/s. Trans Scan Securities Pvt. Ltd. and the assessee. The statements of the broker

ZULA MERCHANDISC PVT. LTD.,KOLKATA vs. ITO, WARD-5(1), KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajpal Yadav, Vice- & Shri Rajesh Kumar]

penny stocks and, therefore, the loss generated from dealing in the above equity shares was apparently accommodation entries and was rightly rejected by the authorities below. The Ld. D.R also submitted that the case is squarely covered by the decision of Principal CIT Vs Swati Bajaj [2022] 446 ITR 56 (Cal) and therefore, the order

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]

transferred to the beneficiaries. It was found that the assessee has received Rs. 10,00,000/- on 14.10.2010 which was not 3 I.T.A. Nos.390, 399, 400 & 401/Kol/2022 Assessment Years: 2011-12 to2013-14 & 2015-16 Ashika Stock Broking Limited. shown in the books of account of the assessee for financial year 2010-11 relevant to AY 2011-12. Accordingly

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]

transferred to the beneficiaries. It was found that the assessee has received Rs. 10,00,000/- on 14.10.2010 which was not 3 I.T.A. Nos.390, 399, 400 & 401/Kol/2022 Assessment Years: 2011-12 to2013-14 & 2015-16 Ashika Stock Broking Limited. shown in the books of account of the assessee for financial year 2010-11 relevant to AY 2011-12. Accordingly

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]

transferred to the beneficiaries. It was found that the assessee has received Rs. 10,00,000/- on 14.10.2010 which was not 3 I.T.A. Nos.390, 399, 400 & 401/Kol/2022 Assessment Years: 2011-12 to2013-14 & 2015-16 Ashika Stock Broking Limited. shown in the books of account of the assessee for financial year 2010-11 relevant to AY 2011-12. Accordingly

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]

transferred to the beneficiaries. It was found that the assessee has received Rs. 10,00,000/- on 14.10.2010 which was not 3 I.T.A. Nos.390, 399, 400 & 401/Kol/2022 Assessment Years: 2011-12 to2013-14 & 2015-16 Ashika Stock Broking Limited. shown in the books of account of the assessee for financial year 2010-11 relevant to AY 2011-12. Accordingly

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

In the result, appeal of the assessee is dismissed

transferred and with whom the transaction had taken place. The\nA.O. did not verify the correctness of information received by him but\nmerely accepted the truth of the vague information in a mechanical\nmanner. The A.O. had not even recorded his satisfaction about the\ncorrectness or otherwise of the information for issuing a notice u/s\n148. What had been recorded

WINSHER COMMERCIAL PVT. LTD.,KOLKATA vs. I.T.O., WARD - 14(2), PRESENTLY D.C.I.T., CIRCLE-11(1), KOLKATAKOLKATA, KOLKATA

Appeal of the assessee is allowed for statistical purposes

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumari.T.A. No. 668/Kol/2022 Assessment Year: 2014-2015 Winsher Commercial Pvt. Limited,…....….Appellant C/O. Subash Agarwal & Associates, Advocates, Siddha Gibson, 1, Gibson Lane, Suite 213, 2Nd Floor, Kolkata-700069 [Pan:Aaacw3125H] -Vs.- Income Tax Officer,………………………………Respondent Ward-14(2), Kolkata, [Presently Dcit, Circle-11(1), Kolkata], Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069 Appearances By: Shri Siddharth Agarwal, Advocate, Appeared On Behalf Of The Assessee Shri B.K. Singh, Jcit, Sr. D.R., Appeared On Behalf Of The Revenue Date Of Concluding The Hearing : March 21, 2024 Date Of Pronouncing The Order : May 13, 2024 O R D E R

transferred by way of sale proceeds. As a result, some of BSE/CSE listed penny stocks were identified, which have been used for generating bogus LTCG. The SEBI vide order No. WTM/KMA/ND/415/2011 dated 12.03.2014 had suspended the; trading of shares (Penny Stock) w.e.f. 21.03.2014 due to non- compliance of Listing agreement. The AO has observed that the appellant

INCOME TAX OFFICER, WARD-9(1), KOLKATA, KOLKATA vs. SUR MANGAL HOLDINGS PRIVATE LIMITED, KOLKATA

In the result, appeal of the revenue stands dismissed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm]

penny stocks and cases of accommodation entries as per Clause (h) of Para 3.1 of the CBDT's Circular no. 5/2024 dated 15.03.2024. 7. Whether on the fact and in the circumstances that the department craves leave to add to and/or alter, amend, modify or rescind the grounds herein above before or hearing of this appeal. 8. Whether the decision

RITU PATWARI,KOLKATA vs. DCIT, CC 4(4),, KOLKATA

In the result, the appeal filed by the assessee is allowed on legal issue

Bench: Shri Rajesh Kumar (Accountant Member), Shri Pradip Kumar Choubey (Judicial Member)

price hike of the shares. Ultimately, the Assessing Officer without being fully satisfied with the document furnished by the assessee passed an assessment u/s 143(3) of the Act dated 15.12.2017 making an addition of Rs.6,86,38,605/- u/s 68 of the Act on account of bogus LTCG earned by the assessee by trading in penny stock. 3. Aggrieved

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

penny\nout of its pocket. Such decisions are highly strategic in nature and\nare required to be made by highly qualified and experienced\nprofessionals. The same would also require market research and\nanalysis. The assessee company by acquiring controlling interest in\nthe subsidiary companies would also be required to attend board\nmeetings and make policy decisions with regard

DCIT, CIR-5(1), , KOLKATA vs. M/S COAL INDIA LTD., KOLKATA

penny\nout of its pocket. Such decisions are highly strategic in nature and\nare required to be made by highly qualified and experienced\nprofessionals. The same would also require market research and\nanalysis. The assessee company by acquiring controlling interest in\nthe subsidiary companies would also be required to attend board\nmeetings and make policy decisions with regard