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3 results for “reassessment”+ Penny Stockclear

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Key Topics

Section 2636Section 1475Section 684Section 10(38)4Penny Stock3Addition to Income3Capital Gains2Long Term Capital Gains2Bogus/Accommodation Entry2Exemption

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

ITA 410/NAG/2019[2014-15]Status: DisposedITAT Nagpur25 Feb 2025AY 2014-15
For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

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

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

In the result, appeal of the Revenue stands dismissed

ITA 411/NAG/2019[2015-16]Status: DisposedITAT Nagpur
2
25 Feb 2025
AY 2015-16

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

For Appellant: Shri Manoj G. MoryaniFor Respondent: Shri Sandipkumar Salunke
Section 10(38)Section 68

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

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

ITA 28/NAG/2021[2011-12]Status: DisposedITAT Nagpur01 Apr 2022AY 2011-12

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

For Appellant: Shri P.M. Gandhi, CAFor Respondent: Shri Vitthal Bhosale, DR
Section 143(3)Section 147Section 148Section 263

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 of Rs.27,86,400/- i.e., as originally returned. On request copy of the ‘reasons to believe’ on the basis of which the case