SHRI BALKRISHNA GAJANAN THOPTE,THANE vs. DCIT CIR 2, KALYAN

In the result, appeal filed by the assessee is allowed

transfer forms. The transaction of\npurchase of shares could not be cross verified. The shares of\nthe company was declared as \"Penny Stock\" by Stel and the\nbroker Sanju Kabra, through whom the shares were sold by\nthe assessee was indicted form manipulating the prices of\npenny stock shares. The tax authorities have rightly applied\nthe test of human probabilities

SALONI GIRRAJKISHOR AGRAWAL,MUMBAI vs. INCOME TAX OFFICER, WARD - 25(1)(1), MUMBAI

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

Bench: Justice (Retd.) C. V. Bhadang & Shri Prabhash Shankarsaloni Girrajkishor Agrawal V/S. Income Tax Officer, Ward 1601/1602, Green Acre, बनाम –25(1)(1),Kautilya Bhavan, Lokhandwala Complex, Andheri Bandra Kurla Complex, (West), Mumbai – 400 053, Bandra (East), Mumbai – Maharashtra 400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Anupa1692D Appellant/अपीलार्थी .. Respondent/प्रतिवादी

transferred into respondent's Demat account where it remained for more than one year. After a period of one year the shares were sold by the said broker on various dates in the Kolkata Stock Exchange.. P a g e | 12 A.Y. 2013-14 Saloni Girrajkishor Agarwal Pursuant to sale of shares the said broker had also issued contract

MANOJ KUMAR AGARWAL HUF,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

bogus/accommodation entry as alleged by the ld. AO. It is also important to note that the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process

MANOJ KUMAR AGARWAL,MUMBAI vs. INCOME TAX OFFICER, WD-10(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Girish Agrawalassessment Year: 2015-16

bogus/accommodation entry as alleged by the ld. AO. It is also important to note that the operations and modus operandi of this regulated market does not in any way provide for any mechanism by which assessee can bring forth the identity of the buyers of his shares and their creditworthiness. Further, sale proceeds are received through the stock market process

CHHAYA KETAN MEHTA,MUMBAI vs. INCOME TAX OFFICER - 33(1)(3), MUMBAI

In the result, the appeal is allowed

transferred in the name of the\nAppellant and copy of Demat Statement. The same was provided to the\nAO and has not been doubted. In fact, the AO has repeatedly admitted\nthe fact of purchase. The sale is evidenced and explained by sale bills,\nbroker notes and the amount on sale is reflected in the bank statements\nbank statements

MEENA HASMUKH SAVLA,MATUNGA MUMBAI vs. ASSESSMENT UNIT, NATIONAL FACELESS ASSESSMENT CENTRE

In the result the appeal filed by the assessee is\nallowed

transfer of shares in the aforesaid two companies. We therefore adopt the above extracted reasoning mutatis mutandis to delete the impugned bogus LICG addition of Rs 96,17,065/, Consequently the addition made towards unexplained expenditure on account of commission of Rs 48,085/- also stands automatically deleted.\"\n\n3.36 Apart from the above referred decisions, reliance is also place