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

capital gains of penny stock companies as bogus based on the test of preponderance of probability gathered from various circumstances

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

penny stock company, does not have any worthwhile asset, creditworthy business, strong financials or any other indicator in justify its soaring share prices which has been manipulated to give accommodation entries in the form of bogus long term capital gains

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

penny stock company, does not have any worthwhile asset, creditworthy business, strong financials or any other indicator in justify its soaring share prices which has been manipulated to give accommodation entries in the form of bogus long term capital gains

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

penny 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

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

Penny Stock) During the assessment proceedings, it was noticed that assessee had declared long term capital gains of Rs.94,60,989/- and claimed

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

BHAVIKA GUNWANT PATEL,NAGPUR vs. INCOME TAX OFFICER, WARD 4(3), NAGPUR

In the result, appeal filed by the assessee are allowed

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

penny stock company listed with BSE with script code (517356). This company used to facilitate introduction of unaccounted income of members of beneficiaries in the form of exempt capital gain

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

In the result, appeal of the Assessee is allowed

Bench: Dr. Manish Borad

capital gain (LTCG) u/s. 10(38) of the Act. 3. At the outset, learned counsel for the assessee referring to the plethora of decisions of the coordinate benches as well as Hon'ble High Courts submitted that the genuineness of gain/loss from sale of equity shares of M/s. Kappac Pharma Ltd. has come up for consideration before