INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. ATUL OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

INCOME TAX OFFICER, WARD-1, JALNA, JALNA vs. OMPRAKASH ASARAM MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

INCOME TAX OFFICER, WARD -1, JALNA, JALNA vs. PRAMILA OMPRAKASH MANTRI, JALNA

In the result, all the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandra

penny stock which were being misused for providing bogus accommodation of LTCG, however, there was lack of adverse comments from stock exchange and officials of company involved in these transactions and no material relating to assessee was found in investigation wing report, additions made by AO had rightly been deleted. 22. He submitted that when the Revenue has challenged

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

bogus long term capital gains on account of trading in shares of a penny stock companies which is\nexempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

bogus long term capital gains on account of trading in shares of a penny stock companies which is\nexempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

bogus long term capital gains on account of trading in shares of a penny stock companies which is\nexempt u/s 10(38) of the Income Tax Act, 1961. The penny stock shares have been regularly purchased

INCOME TAX OFFICER, WARD 1, JALNA, JALNA vs. ASHISH OMPRAKASH MANTRI, JALNA

penny stock which were being misused for\nproviding bogus accommodation of LTCG, however, there was lack of adverse\ncomments from stock exchange and officials of company involved in these\ntransactions and no material relating to assessee was found in investigation wing\nreport, additions made by AO had rightly been deleted.\n22. He submitted that when the Revenue has challenged

SIDHARTH RATANLAL BAFNA,,JALGAON vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE -2, , NASHIK

In the result, the appeal filed by the assessee stands dismissed

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.1183/Pun/2018 िनधा"रण वष" / Assessment Year: 2011-12 Sidharth Ratanlal Bafna, Vs. Acit, Central Circle-2, 96, Nayantara, Subhash Nashik. Chowk, Jalgaon-425001. Pan : Algpb5972R Appellant Respondent Assessee By : Shri Sunil Ganoo Revenue By : Shri Abhinay S. Kumbhar Date Of Hearing : 19.07.2022 Date Of Pronouncement : 23.08.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Pr. Commissioner Of Income Tax (Central), Nagpur (‘The Pcit’) Dated 08.06.2018 For The Assessment Year 2011-12. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. In The Facts & Circumstances Of The Case & In Law, The Learned Pr.Cit Has Grossly Erred In Exercising His Revisional Jurisdiction U/S 263 Of The I.T. Act 1961. The Impugned Revisional Order Passed By The Learned Pr.Cit Is Patently Illegal., Void Ab Initio, Bad In Law, Arbitrary, Perverse, Without Jurisdiction & Being Devoid Of Merits The Same May Please Be Deleted. 2. Since The Learned Pr.Cit Has Failed To Revise The Directions Given By The Learned J.C.I.T. Nashik To The Learned Assessing Officer In The Matter Of Framing The Impugned Assessment Order U/S 143[3] R.W.S.L53A

purchase and sale of penny stock script of M/s. S.V. Electricals Ltd. is bogus. Therefore, the question of examination during

AMIT BHASKARRAO SANAP,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE -3, , AURANGABAD

In the result, appeal of the Assessee is Dismissed

Bench: Shri Partha Sarathi Chaudhury & Dr. Dipak P. Ripoteआयकर अपील सं. / Ita No.78/Pun/2019 िनधा"रण वष" / Assessment Year : 2015-16 Amit Bhaskarrao Sanap, The Assistant A-2, N-4, Cidco, Aurangabad, Vs Commissioner Of Income Maharashtra – 431001. Tax, Circle-3, Aurangabad. Pan: Auips 4177 L Appellant/ Assessee Respondent /Revenue Assessee By None. Revenue By Shri S P Walimbe & Shri Arvind Desai – Dr Date Of Hearing 25/07/2022 Date Of Pronouncement 19/10/2022 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Appeal Filed By The Assessee Is Directed Against The Order Of Ld.Commissioner Of Income Tax(Appeals)-2, Aurangabad, Dated 13.11.2018 For The A.Y. 2015-16. The Assessee Has Raised The Following Grounds Of Appeal: “1. The Order Of The Learned Commissioner (A), Aurangabad Confirming The Addition Of Rs.1,93.17.241/- Made By The A.O. In Computing The Income U/S 56 Instead Of Exempt U S. 10(38) Of The Act Of The Appellant Is Contrary To Law & Facts Of The Case.

stock exchange through controlled transaction of these shares during all the time. When desired time period (12 month) and desired price are achieved. Mr. Jagdish Purohit again makes arrangement to purchase those shares from shareholders on very high price high through his managed share purchasers. In this way initial share purchaser earn huge exempted LTCG on share sale

JAIBHAGWAN BANARASIDAS JINDAL,JALNA vs. THE INCOME TAX OFFICER, WARD-1, JALNA

In the result, the appeal filed by the assessee is allowed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2016-17

stock exchange. The purchase of shares is not made by the public but by the bogus entities managed and controlled by the promoter of the penny

SARIKA AMIT SANAP,,AURANGABAD vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 3,, AURANGABAD

In the result, assessee‟s appeal is dismissed

penny stock and the modus operation has been well explained by the A.O. At para 12.5 of his order, the A.O categorically mentioned that it is evident that the assessee earned huge long term capital gains from the transactions which she claimed as exempt from taxation u/s 10 clause (38) of the Act. This entire edifice was absolutely a colourable

DEPUTY COMMISSIONER OF INCOME TAX, JALGAON vs. TARADEVI RATANLAL BAFNA, JALGAON

Bench: Shri R. K. Panda & Ms Astha Chandra

bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that the Hon’ble High Court in the said decision has held that right

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

Bench: Shri R. K. Panda & Ms Astha Chandra

bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that the Hon’ble High Court in the said decision has held that right

ASSISTANT COMMISSIONER OF INCOME TAX, JALGAON vs. SIDHARTH RATANLAL BAFNA, JALGAON

Bench: Shri R. K. Panda & Ms Astha Chandra

bogus. 25. Referring to the decision of Hon’ble AP High Court in the case of M/s. Manidhari Stainless Wire (P.) Ltd. vs. Union of India vide W.P. No.5917 of 2017, order dated 31.10.2017, copy of which is placed in the paper book, he submitted that the Hon’ble High Court in the said decision has held that right

DINESHKUMAR RAMCHANDRA TULSYAN (HUF),,NASHIK vs. INCOME-TAX OFFICER, WARD - 1(5),, NASHIK

In the result, both the appeals filed by the assessee are partly allowed

Bench: Shri R. K. Panda & Ms. Astha Chandraassessment Year : 2014-15 Dineshkumar Ramchandra Tulsyan (Huf) Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Aachd5953R (Appellant) (Respondent) Assessment Year : 2014-15 Smt. Sumandevi Dineshkumar Tulsyan Ito, Ward 1(5), 214B, Laxmi Niwas, Mahatma Nagar, Vs. Nashik Nashik – 422007 Pan: Ackpt1322Q (Appellant) (Respondent)

penny stocks including the shares of Mishka which was jacked up through cartel of interlinked companies controlled and managed by entry operators gain. 10. The Assessing Officer also wrote to Bombay Stock Exchange and National Stock Exchange and called for the trade data with regard to purchase and sale of shares made by the assessee. On an analysis