DCIT, CIRCLE-2, NAGPUR, NAGPUR vs. NARESH LAXMINARAYAN GROVER, NAGPUR

In the result, all these three appeals for the A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Bogus Clients used for purchasing shares of listed penny stocks for providing Long Term Capital Gain to Beneficiaries. It is submitted

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

In the result, appeal of the Revenue stands dismissed

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

purchases of share by the Assessee through private placement. - No evidence of delivering cash to the entry operator. - No evidence of routing cash in the books of bogus companies. - The script ParagShilpa Investment Ltd. is not classified as penny stock

ACIT-CENTRAL CIRCLE -2(1), NAGPUR vs. SHRI NANDKUMAR KHATTUMAL HARCHANDANI , NAGPUR

purchases of share by the Assessee through private placement.\nNo evidence of delivering cash to the entry operator.\nNo evidence of routing cash in the books of bogus companies.\nThe script Parag Shilpa Investment Ltd. is not classified as penny stock

INCOME TAX OFFICER , WARD -2(1), NAGPUR vs. M/S ADEQUATE INFRASTRUCTURE PRIVATE LIMITED, NAGPUR

Appeal is dismissed as involved

Bench: Shri Satbeer Singh Godara & Dr. Dipak Ripote

bogus LTCG/STCG through penny stocks. 4. We find no merit in the Revenue’s instant fourth substantive ground seeking to carve out an exception to the aforesaid CBDT’s low tax effect circular. This is for the precise reason that the sole issue before us is regarding correctness of Assessing Officer’s action having treated the assessee’s share application/money

DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1), NAGPUR vs. SHRI SANJAY GAURISHANKAR AGRAWAL , NAGPUR

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

Bogus LTCG Claim (Penny Stock) During the assessment proceedings, it was noticed that assessee had declared long term capital gains of Rs.94,60,989/- and claimed the same as being exempt U/s 10(38) of IT Act 1961. The assessee was asked to submit the details of the long-term capital gain along with documentary evidence of the purchase

RAJESH SARDA,NAGPUR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), NAGPUR

In the result, the addition of undisclosed income under section 68 is deleted

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy(Physical Hearing) Rajesh Sarda, Acit, Central Circle – 2(2), Nagpur 14, Daga Lay–Out, Ambazari Road, Vs Aayakar Bhawan, Civil Lines, Nagpur – 440033. Maharashtra – 440001. [Pan: Ahaps4925M] Appellant / Assessee Respondent / Revenue Assessee By Shri K.P. Dewani, Advocate Revenue By Shri Pankaj Kumar, Cit–Dr Date Of Hearing 16.02.2026 Date Of Pronouncement 24.02.2026 Order Under Section 254(1) Of Income Tax Act

stock. Such information was based on the investigation carried out by Investigation Wing, Kolkata. The assessee is one of the beneficiary who has availed bogus long term capital gain during financial year 2014–15. The assessee is beneficiary of penny scrip namely Premier Capital Services Ltd. and Kailash Auto Finance Ltd. On perusal of details furnished by assessee along with

ASSTT. COMMISSIONER OF INOCME TAX CENTRAL CIRCLE-2(2), NAGPUR vs. SHRI SUDHIR RAMSWAROOP SARDA , NAGPUR

penny stock\ncompany, does not have any worthwhile asset, creditworthy business, strong\nfinancials or any other indicator to justify its soaring share prices which has\nbeen manipulated to give accommodation entries in the form of bogus long\nterm capital gains to beneficiaries. (v)\n(vi) On the facts and circumstances of the case

VISHNUKUMAR RAMSWAROOP AGRAWAL,NAGPUR vs. ITO WARD-4(1), NAGPUR

In the result, appeal of the Assessee is allowed

Bench: Dr. Manish Borad

purchased 4000 equity shares on 12.10.2012, out of which assessee has sold 2500 equity shares costing to ₹27,500/-. Ld.AO based on information received in the course of survey operations u/s. 133A of the Act at the office premises of M/s. Devshyam Stock Broking Pvt. Ltd., Kolkata came to a conclusion that M/s. Kappac Pharma Ltd. is a penny stock