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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

disallowed exemption claimed by\nassessee under section 10(38) and made additions, alleging involvement in penny\nstock which were being misused for providing bogus accommodation of LTCG,\nhowever, there was lack of adverse comments from stock

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

penny stock company NITSL, reopened the\nassessment after recording the reasons. The reasons recorded for reopening of\nthe assessment read as under:\n\nOFFICE OF THE\nASSTT. COMMISSIONER OF INCOME TAX,\nCENTRAL CIRCLE-1,\nAAYAKAR BHAVAN, NEAR HOLY CROSS ENGLISH SCHOOL,\nCANTONMENT, AURANGABAD (Ph. 0240-2373001)\nNo.ABD/ACIT/CC-1/147-Reasons/2018-19/63\nDate: 10.05.2018\nTo\nAshish Omprakash Mantri,\nAbhay Oil Industries, New Mandha Jalna

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

penny stock company NITSL, reopened the\nassessment after recording the reasons. The reasons recorded for reopening of\nthe assessment read as under:\n\nOFFICE OF THE\nASSTT. COMMISSIONER OF INCOME TAX,\nCENTRAL CIRCLE-1,\nAAYAKAR BHAVAN, NEAR HOLY CROSS ENGLISH SCHOOL,\nCANTONMENT, AURANGABAD (Ph. 0240-2373001)\nNo.ABD/ACIT/CC-1/147-Reasons/2018-19/63\nDate: 10.05.2018\nTo\nAshish Omprakash Mantri,\nAbhay Oil Industries, New Mandha Jalna

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

disallowed exemption claimed by assessee under section 10(38) and made additions, alleging involvement in penny stock which were being

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

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

disallowed the exemption claimed u/s 10(38) on gains from sale of shares of the penny stock company namely, PFLIL

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

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

disallowed the exemption claimed u/s 10(38) on gains from sale of shares of the penny stock company namely, PFLIL

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

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

disallowed the exemption claimed u/s 10(38) on gains from sale of shares of the penny stock company namely, PFLIL

ITO, NASHIK vs. ANKIT NARESH TULSIAN, NASHIK

In the result, appeal of the Revenue is dismissed

penny stock and he claimed that\nthe trading in such stock was controlled by few operators and\nrise in prices of this stock was artificially created. He also gave\nfinding that he re-opened the case based on information\nreceived from Director of Income Tax (Inv). He suspected about\nthe same and presumed that the trading was pre-arranged

M/S GIRIRAJ ENTERPRISES,PUNE vs. DCIT, CENTRAL CIRCLE 1(1), PUNE, PUNE

In the result, the appeal filed by the assessee is allowed and the appeals filed by the Revenue are dismissed

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2015-16

penny stock and therefore, those decisions which are based on the facts in those particular cases, are distinguishable and not applicable to the facts of the present case. 23. In view of the above discussion, we are of the considered opinion that the Ld. CIT(A) was not justified in upholding the action of the Assessing Officer in denying

KALAVATHI DEVI SHARMA,HYDERABAD vs. ITO, WARD-1, NANDED, NANDED

In the result, appeal of the assessee is dismissed

Bench: Dr.Manish Borad

penny stock companies which provided bogus LTCG, sirice assessee failed to establish genuineness of rise of price of shares within a short period of time that too when general market trend was recessive, addition made under section 68 were justified." 10 Kalavathi Devi Sharma 10.5.2. Further, the reliance is placed on the judgement of Hon. ITAT KOLKATA BENCH

SHRI MANOJ MADANLAL CHHAJED,PUNE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), PUNE

Penny Stocks.\nNowhere, the report talks about the issue of unsecured loans on account of which\n25\nITA No.1178/PUN/2023\nITA No.2017/PUN/2024\nadditions in the year under consideration are made in the present case. Hence, it\ncannot be said that the AO was in possession of tangible material to have reason\nto believe that the income has escaped the assessment

MANOJ MADANLAL CHHAJED,PUNE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), PUNE

Penny Stocks.\nNowhere, the report talks about the issue of unsecured loans on account of which\n25\nITA No.1178/PUN/2023\nITA No.2017/PUN/2024\nadditions in the year under consideration are made in the present case. Hence, it\ncannot be said that the AO was in possession of tangible material to have reason\nto believe that the income has escaped the assessment

GOEL EISHA CAPITALS,PUNE vs. PCIT(CENTRAL), PUNE, PUNE

disallow the same during the\nassessment proceedings for the year under consideration.\n04. In view of the above, it is found that the no verification on the aforesaid issues\nhas been done in the assessment proceedings by the AO. As per explanation (2) to\nsection 263(1) of the Act an order without making inquiries or verification which\nshould have