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4 results for “penalty u/s 271”+ Penny Stockclear

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Mumbai90Ahmedabad25Jaipur17Kolkata16Delhi13Hyderabad12Surat5Pune4Indore4Raipur4Lucknow3Cuttack2Ranchi2Rajkot2Jodhpur1Bangalore1Chennai1Guwahati1Agra1Nagpur1

Key Topics

Section 271(1)(c)16Section 10(38)4Penny Stock4Penalty3Section 271(1)2Section 1472Section 1482Section 143(3)2Addition to Income2Long Term Capital Gains

DEPUTY COMMISSIONER OF INCOME TAX 1.1. RAIPUR, RAIPUR vs. RENU BEHL, RAIPUR

The appeal of the revenue is dismissed in terms of our aforesaid observations

ITA 289/RPR/2023[2012-13]Status: DisposedITAT Raipur11 Dec 2023AY 2012-13

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.289/Rpr/2023 "नधा"रण वष" / Assessment Year : 2012-13 The Deputy Commissioner Of Income Tax-1(1), Raipur (C.G.)

For Appellant: NoneFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 131(1)Section 147Section 148Section 268ASection 271(1)Section 271(1)(c)

penalty imposed by the AO u/s 271(1)(c ) which has direct nexus with the evasion of tax emerged out of claim of bogus LTCG on penny stock

2
Exemption2

DEPUTY COMMISSIONER OF INCOME TAX-(1), RAIPUR, RAIPUR vs. AJAY GOLECHAA, RAIPUR

In the result, appeal of the Revenue is dismissed

ITA 454/RPR/2025[2014-15]Status: DisposedITAT Raipur20 Nov 2025AY 2014-15

Bench: Shri Partha Sarathi Chaudhury & Shri Arun Khodpiaआयकर अपील सं. / Ita No.454/Rpr/2025 "नधा"रण वष" / Assessment Year : 2014-15 The Deputy Commissioner Of Income Tax-1(1), Raipur (C.G.)

For Appellant: None (Petition filed)For Respondent: Shri Ram Tiwari, CIT-DR
Section 10(38)Section 143(3)Section 271(1)(c)

271(1)(c) of the Act. 4. Whether the Ld. CIT(A) has failed to consider that the transactions relating to Long-Term Capital Gains from penny stock (NCL Research and Financial Services Ltd.) were found to be non- genuine and were used as a colorable device to convert unaccounted money into tax-exempt income, which clearly amounts to furnishing

SANGEETA GOLCHHA, RAIPUR,RAIPUR vs. ITO-4(1), RAIPUR, RAIPUR

In the result, appeal of the assessee is allowed

ITA 788/RPR/2025[2014-15]Status: DisposedITAT Raipur17 Feb 2026AY 2014-15

Bench: Shri Partha Sarathi Chaudhuryआयकर अपील सं./Ita No.788/Rpr/2025 "नधा"रण वष" /Assessment Year : 2014-15 Sangeeta Golchha 9/532, Behind Mahavir Bhawan, Budhapara, Raipur-492 001 (C.G.) Pan: Adcpg6259Q

For Appellant: Shri R.B Doshi, CAFor Respondent: Dr. Priyanka Patel, Sr. DR
Section 10(38)Section 271(1)(c)

penny stocks used for accommodation entries. Subsequently, the assessee had surrendered the LTCG of Rs.17,37,600/- voluntarily, offered for tax and paid taxes thereon. This aspect is brought out in the penalty order itself which is acknowledged by the A.O. The relevant para is extracted as follows: “The Assessing Officer has considered the entire facts and assessed the income

INCOME TAX OFFICER-1(1), BHILAI, BHILAI vs. MANISH KUMAR MEHTA, HUF, DURG

In the result, appeal of the revenue is dismissed

ITA 342/RPR/2025[2012-13]Status: DisposedITAT Raipur07 Aug 2025AY 2012-13

Bench: Shri Partha Sarathi Chaudhuryआयकर अपील सं./Ita No.342/Rpr/2025 "नधा"रण वष" /Assessment Year : 2012-13 The Income Tax Officer-1(1), Bhilai (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. Manish Kumar Mehta Opportunity. Swami Atmanand English Medium School, Krishna Talkies Road, Risali, Bhilai (C.G.)-490 006 Pan: Aahhm3766Q ……""यथ" / Respondent

For Appellant: Shri Pratik Bakliwal, CAFor Respondent: Dr. Priyanka Patel, Sr. DR

penny stocks gets a high value over a period of one year. Once, the scrips are retain beyond a period of one year in the client accounts they are sold to some jammakharchi company which are operated by the same set of entry operator so that the client get LTCG. Further, since the jammakharchi client has purchased the scrips