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

DCIT-CC-2(1), NAGPUR, NAGPUR vs. INDRAKUMAR GHISULAL AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

bogus or investment made in penny stock. The shares were purchased in order to invest and not for the purpose

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

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4, NAGPUR, NAGPUR vs. SHIKHA INDRAKUMAR AGRAWAL, NAGPUR

In the result, appeal by the assessee stands allowed

Bench: Shri Pawan Singh & Shri Khettra Mohan Roy

bogus or investment made in penny stock. The shares were purchased in order to invest and not for the purpose

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

ACIT, CIRCLE-4, NAGPUR vs. SHRI VINOD BALBHADRA GOENKA,, NAGPUR

In the result, appeal of the Revenue is dismissed

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am Assessment Year: 2014-15 The Acit Vs. Shri Vinod Balbhadra Goenka Circle-4 247, Nandanvan Layout Nagpur Nagpur Pan No.:Aanpg 6841 N Appellant Respondent Revenue By :Shri Piyush Kolhe (Cit-Dr) Assessee By: Shri K.P. Dewani, Adv Date Of Hearing: 28/04/2022 Date Of Pronouncement: 28 /06 /2022 Order Per: Sandeep Gosain, J.M. This Is An Appeal By Revenue Against Order Of Learned Commissioner Of Income Tax (Appeals)-4, Nagpur Dated 30/03/2017 In Appeal No.Cit(A)- 4/198/16-17 For The Assessment Year 2014-15. The Grounds Raised By The Revenue In This Appeal Are As Under:

penny stocks, which sets out the modus operandi adopted in the business of providing entries of bogus LTCG. 33 ACIT, CIRCLE-4, NAGPUR VS SHRI VINOD BALBHADRA GOENKA However, the reliance placed on the report, without further corroboration on the basis of cogent material, does not justify his conclusion that the transaction is bogus, sham and nothing other than

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

PRADEEP DATTATRAYA BANGINWAR,YAVATMAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX-II, NAGPUR

In the result, appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 28/Nag/2021 "नधा"रण वष" / Assessment Year : 2011-12 Pradeep Dattatraya Banginwar, At- Trimurti Sales, Datta Chowk, Yavatmal-445 001. Pan : Abcpb5111C .......अपीलाथ" / Appellant बनाम / V/S. The Pr. Commissioner Of Income Tax-Ii, Nagpur. ……""यथ" / Respondent Assessee By : Shri P.M. Gandhi, Ca Revenue By : Shri Vitthal Bhosale, Dr सुनवाई क" तार"ख / Date Of Hearing :17.02.2022 घोषणा क" तार"ख / Date Of Pronouncement : 06.04.2022

bogus claim of Long Term Capital Gain (LTCG) of Rs. 14.75 lac on sale of one lac shares of M/s Comfort Intech Ltd., a penny stock company, his case was reopened u/s. 147 of the Act. Notice u/s. 148 of the Act was issued to the assessee. In compliance, the assesee filed his return of income declaring an income

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