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

penny stock of shares of Ramkrishna Fincap Ltd ("RFL") is done through stock exchange and through the registered Stock Brokers. The payments have been made through banking channels and even Security Transaction Tax ("STT") has also been paid. The Assessing Officer also has not criticized the documentation involving the sale and purchase of shares. The Tribunal has also come

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 to beneficiaries. ix) On the facts and circumstances of the case & in law, the Ld. CIT(A) failed to appreciate

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 to beneficiaries.\nix) On the facts and circumstances of the case & in law, the Ld. CIT(A) failed to appreciate

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 company and used for providing accommodation entry. The AO has discussed complete modus operandi of entry provider about the accommodation entry. On the basis of such observation he confirmed the additions of unexplained cash credit of `. 18.84 crore as well as addition of unexplained expenditure of commission payment. Further, aggrieved the assessee has filed present appeal before Tribunal

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

penny stock for obtaining bogus LTCG as in the assessee’s case. 3. On the fact and in the circumstances of the case, the Ld. CIT (A) erred in allowing the appeal of the assessee by ignoring the fact that the fundamentals of the M/s. GCM Securities do not corroborate with the instant hike in the price of its shares

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 used to facilitate introduction of unaccounted income of members of beneficiaries in the form exempt capital gain or short-term loss. On verification of data, the AO found that the appellant was one of the beneficiaries who have traded in the above-mentioned script. On verification of return of income, it was found that

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, NAGPUR, NAGPUR vs. MS GONDWANA ENGINEERS LIMITED, NAGPUR

In the result, the appeal of the Revenue is dismissed

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

disallowance u/s.36(i)(va). 2. Any other grounds and fact to be raised at the time of hearing with the permission of Hon'ble ITAT.” 2 M/s. Gondwana Engineers Ltd. ITA no.387/Nag./2024 3. The tax effect is only ` 1,91,350, as against limit of ` 60 lakh. The learned Departmental Representative submitted that there is a Revenue Audit Objection

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