BHANUBEN MANSUKHLAL KHIMASIYA,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

stock. 4. Looking to the above facts, this office has verified the facts with the ITR filed and it is found that you have claimed LTCG of Rs.8,90,894/- under Schedule El under the head of details of exempt income. Assessment u/s.147 of the Act was made and the assessment was finalized accepting returned income. As the scrip name

MANSUKHLAL KHIMJI KHIMASIYA HUF,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

stock. 4. Looking to the above facts, this office has verified the facts with the ITR filed and it is found that you have claimed LTCG of Rs.8,90,894/- under Schedule El under the head of details of exempt income. Assessment u/s.147 of the Act was made and the assessment was finalized accepting returned income. As the scrip name

MANSUKHLAL KHIMJI KHIMASIYA,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

stock. 4. Looking to the above facts, this office has verified the facts with the ITR filed and it is found that you have claimed LTCG of Rs.8,90,894/- under Schedule El under the head of details of exempt income. Assessment u/s.147 of the Act was made and the assessment was finalized accepting returned income. As the scrip name

JAYESH KHIMJI KHIMASIYA HUF,JAMNAGAR vs. OFFICE OF PRINCIPAL COMMISSIONER OF INCOME-TAX, JAMNAGAR, JAMNAGAR

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinha

stock. 4. Looking to the above facts, this office has verified the facts with the ITR filed and it is found that you have claimed LTCG of Rs.8,90,894/- under Schedule El under the head of details of exempt income. Assessment u/s.147 of the Act was made and the assessment was finalized accepting returned income. As the scrip name

BABUBHAI KANJIBHAI SAKARIYA LEGAL HEIR OF LATE SMT. UJIBEN KANJIBHAI SAKARIYA,JETPUR vs. ITO WARD 1(2)(1), RAJKOT, RAJKOT

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

Penny Stock is treated as Bogus or treated as Cash Credit\nu/s.68 of the I.T. Act, 1961, is totally unwarranted, unjustified and bad in law.\n4. The Hon'ble Principal Commissioner of Income Tax, Rajkot- 1, Rajkot, has erred\nin wrongly mentioned the facts in body of order and set aside the Speaking order\npassed by Assessing Officer,as treated

BHIKHALAL PRAHALADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

reassessment order, which we have gone through. On perusal of the reasons recorded for reopening, it may be observed that the reopening u/s 147 of the Act has been initiated in the case of the assessee, for the reasons that as per the information received from DDIT Mumbai, M/s. Vax Housing Finance Corporation Ltd. was a penny stock

BHIKHALAL PRAHLADRAI AGARWAL HUF,GANDHIDHAM vs. ASSISTANT COMMISSIONER OF INCOME TAX GANDHIDHAM CIRCLE, GANDHIDHAM

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.779&780/Rjt/2024 ("नधा"रण वष" / Assessment Years: 2011-12 & 2016-17) Bhikhalal Prahaladrai Agarwal- Vs. Assistant Commissioner Of Income Tax, Huf, Gandhidham Circle C/O. Sarda & Sarda, Sakar, 1St It Office, Plot No. 32, Sector No. 3, Near Floor, Dr. Radha-Krishnan Road, Iffco Colony, Gandhidham Opp. Rajkumar College Rajkot Gandhidham - 370201 Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabha4638R (Assessee) (Respondent) Assessee By : Shri Vimal Desai, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : 05/06/2025 Date Of Pronouncement : 21/08/2025

reassessment order, which we have gone through. On perusal of the reasons recorded for reopening, it may be observed that the reopening u/s 147 of the Act has been initiated in the case of the assessee, for the reasons that as per the information received from DDIT Mumbai, M/s. Vax Housing Finance Corporation Ltd. was a penny stock

NILESH BIPINCHANDRA MEHTA HUF,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR

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

penny stock script. The assessee\nhad submitted all details at the time of re-assessment proceedings u/s 147 of the\nAct and assessee had again submitted the same documents before the learned\nPCIT on dated 29.01.2022, 1102.2022 and 17.03.2022. Therefore, assessing\nofficer having examined all the documents and evidences, took the plausible\nview, therefore, order passed by the assessing officer

URVASHI GIRISHBHAI LAL,RAJKOT vs. ITO WD 1(2)(1), RAJKOT, RAJKOT

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

Bench: Dr. Arjun Lal Saini

penny stock transaction for F.Y. 2012-13. The detail of trading value of the transaction in the scrip during FY 2012-13 in case of the assessee is as under: Sum of Buy Quantity of shares FY in 2012-13 10800 Buy Trade Value in 2012-13 (in Rs) 7,01,954 Sum of sell Quantity of shares

JITENDRABHAI DEVAJIBHAI BODAR,RAJKOT vs. INCOME TAX OFFICER, WARD-2(1)(1), RAJKOT, RAJKOT

In the result, the appeal is dismissed as not admitted”

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

penny stock company and thereby adding the same as income from undisclosed sources. The addition made is totally unjustified on facts as also in law and deserves to be deleted and may kindly be deleted. 4. The learned AO grievously erred on facts as also in law in adding gross commission income of Rs. 21,13,961/- as income from

MAYURBHAI JAYSUKHLAL SHAH,JAMNAGAR vs. PRINCIPAL COMMISSIONER OF INCOME TAX, JAMNAGAR

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

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos. 319/Rjt/2024 (Assessment Year: 2013-14) (Hybrid Hearing) Mayurbhai Jaysukhlal Shah Vs. Principal Commissioner Of 601, Cross Way, P.N. Marg, Income Tax, Jamnagar Jamnagar, Gujarat-361001 Office Of The Principal Commissioner Of Income Tax.Pcit, Jamnagar "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Afgps1754J (अपीलाथ"/Assessee) (""यथ"/Respondent)

penny stock companies and the reason for abnormal rise in the sale price within a short span of time. Therefore, order passed by the Assessing Officer u/s 147 rws 144B of the Act dated 31/03/2022, is erroneous and 3 Mayurbhai Jaysukhlal Shah prejudicial to the interest of the revenue within the meaning of section 263 of the Act to that

SAPNA NAINESH JATANIA,RAJKOT vs. INCOME TAX OFFICER, WARD 1(1), JAMNAGAR, JAMNAGAR

In the result, appeal filed by the assessee, in ITA No

Bench: Dr. Arjun Lal Saini

penny stock transaction during the previous year in script of M/s Gemstone Investment Limited (GIL) amounting to Rs.8,60,444/-. Therefore, assessee`s case has been reopened after recording reasons and taking necessary approval from the Pr. Commissioner of Income-tax, Jamnagar, The notice u/s 148 of the Act, was issued on 25/03/19, through ITBA as also sent through RPAD

SAPNA NAINESH JATANIA,RAJKOT vs. INCOME TAX OFFICER, WARD 1(4), DWARKA, DWARKA

In the result, appeal filed by the assessee, in ITA No

Bench: Dr. Arjun Lal Saini

penny stock transaction during the previous year in script of M/s Gemstone Investment Limited (GIL) amounting to Rs.8,60,444/-. Therefore, assessee`s case has been reopened after recording reasons and taking necessary approval from the Pr. Commissioner of Income-tax, Jamnagar, The notice u/s 148 of the Act, was issued on 25/03/19, through ITBA as also sent through RPAD

ILA JIGNESHKUMAR VAKHARIA,RAJKOT vs. THE INCOME TAX OFFICER, WARD 1(2)(1), RAJKOT

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Dr. Arjun Lal Saini, Am. & Dr. Dinesh Mohan Sinha, Jm आयकरअपीलसं./Ita No. 599/Rjt/2025 "नधा"रणवष" / Assessment Year: (2014-15) (Hybrid Hearing) Ila Jignesh Kumar Vakharia, Vs. The Income Tax Officer, Ward Bagasra Road, At Derdi Kumbhaji, 1(2)(1), Derdi – Gondal - 364465 New Aayakar Bhawan, Vatiaka Rajkot - 360001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aqfpv0899R (Appellant) (Respondent) Appellant By : Shri Samir Bhuptani, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav Ld. Sr. Dr Date Of Hearing : 01 / 12 /2025 Date Of Pronouncement : 20 / 01 /2026

stock exchange and registered share broker. The return of income for A.Y. 2014-15 was filed on 30/03/2015 declaring total income of Rs 2,18,834/- was reopened on account of the search carried out u/s 132 of the Act on dated 11/09/2018 in the case of Jignesh Shah and Sanjay Shah of Ahmedabad. As per provisions of section 153C