DHAVAL INDRAVADAN GANDHI,SURAT vs. ITO, WARD 2, BARDOLI

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

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2012-2013 Shri Dhaval Indravadan Gandhi, Ito Ward-2, At & Post Areth, Tal Mandvi, Aayakar Bhavan, Janta Nagar Surat-394160. Vs. Society, Bardoli-394601. Pan No. Ajjpg 4246 J Appellant Respondent

penny stock” in the scrip of M/s. Dhwanil Chemicals Ltd. M/s. Dhwanil Chemicals Ltd., and had purportedly pu , and had purportedly purchased ITA No. 601/SRT/2025 3 Shri Dhaval Indravadan Gandhi Shri Dhaval Indravadan Gandhi shares aggregating to shares aggregating to Rs. 12,64,005/-, the Assessing Officer the Assessing Officer recorded reasons to believe that income chargeable

DIVYABEN PRAFULCHANDRA PARMAR,SURAT vs. INCOME TAX OFFICER, WARD 1(3)(1), SURAT

In the result, appeal filed by the assessee is allowed

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.73/Srt/2023 (Assessment Year: 2014-15) (Physical Hearing) Divyaben Prafulchand Parmar, Vs. The Ito, Ward-1(3)(1), 1-2, Harikrishna Niwas, B/H Braham Surat. Kumari Ashram, Bhatar Road, Surat – 395017. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Acbpp9559Q (Appellant) (Respondent)

Penny Stock Companies utilized by M/s.Anand Rathi Shares and Stock Brokers Ltd. for providing bogus accommodation entries. This had been accepted in the statement recorded under Section 131 of the Act of Shri Sanjay Vora, the assessee had claimed the LTCG amounting to Rs.20,76,924/- arising out of sale of shares of Global Securities Ltd. The Assessing Officer

RUCHIT DINESHBHAI DOSHI,SURAT vs. INCOME TAX OFFICER WARD - 2(2)(1), SURAT

In the result, grounds of appeal raised by the assessee are allowed

Bench: Shri Pawan Singh(Physical Hearing) Ruchit Dineshbhai Doshi, I.T.O., C-10, 5/6, Somakanji Estate-2, Opp- Ward-2(2)(1), Vs. Sanidev Mandir, Magdalla Bo, Surat. Surat-395007 (Gujarat) Pan No. Afxpd 4008 F Appellant/ Assessee Respondent/ Revenue

penny stock as per information of DDIT (Inv), Ahmedabad. The Assessing Officer in penalty order, held 4 Ruchit Dineshbhai Doshi Vs ITO that explanation of assessee was not satisfactory and that the assessee has taken entry of bogus long term capital gain. Addition of long term capital gain was based on detailed enquiry of Investigation Wing and the assessee

INCOME TAX OFFICER, WARD-1(3)(1), SURAT, ANAVIL BUSINESS CENTRE, HAZIRA RAOD, SURAT vs. SHARMISHTHABEN SHIVLAL PONKIA, UMRA, BHARTHANA B.O, SURAT

In the result, the appeal of the Revenue in ITA No

Bench: Shri Sanjay Garg & Shri Bijayananda Prusethsl. आयकर अपील सं/ िनधा"रण वष"/ Appeal(S) By : No(S)

penny stock scripts of JRI Industries Ltd. during the year amounting to Rs.4,77,27,036/- and as such treated the same as undisclosed and unaccounted in case of the ITA Nos.817/SRT/2024, 1002/SRT/2024 & 1003/SRT/2024 ITO vs. Shivlal Shamjibhai Ponkia & two Others Asst. Year: 2015-16 4 assessee. The assessment was completed under Section 147 r.w.s.144B of the Act on 19/05/2023

INCOME TAX OFFICER, WARD-1(3)(1), SURAT, ADAJAN, SURAT vs. SHIVLAL SHAMJIBHAI PONKIA, CITY LIGHT ROAD, SURAT

In the result, the appeal of the Revenue in ITA No

Bench: Shri Sanjay Garg & Shri Bijayananda Prusethsl. आयकर अपील सं/ िनधा"रण वष"/ Appeal(S) By : No(S)

penny stock scripts of JRI Industries Ltd. during the year amounting to Rs.4,77,27,036/- and as such treated the same as undisclosed and unaccounted in case of the ITA Nos.817/SRT/2024, 1002/SRT/2024 & 1003/SRT/2024 ITO vs. Shivlal Shamjibhai Ponkia & two Others Asst. Year: 2015-16 4 assessee. The assessment was completed under Section 147 r.w.s.144B of the Act on 19/05/2023

INCOME TAX OFFICER, WARD-2(3)(1), SURAT, SURAT vs. BHANUBHAI RANCHHODBHAI ASODARIA, SURAT

In the result, the appeal of the Revenue in ITA No

Bench: Shri Sanjay Garg & Shri Bijayananda Prusethsl. आयकर अपील सं/ िनधा"रण वष"/ Appeal(S) By : No(S)

penny stock scripts of JRI Industries Ltd. during the year amounting to Rs.4,77,27,036/- and as such treated the same as undisclosed and unaccounted in case of the ITA Nos.817/SRT/2024, 1002/SRT/2024 & 1003/SRT/2024 ITO vs. Shivlal Shamjibhai Ponkia & two Others Asst. Year: 2015-16 4 assessee. The assessment was completed under Section 147 r.w.s.144B of the Act on 19/05/2023

INCOME TAX OFFICER, WARD-1(3)(1), SURAT, ADAJAN, SURAT vs. CHANDUBHAI JADAVBHAI KORAT, SURAT

In the result, the appeal of the revenue is dismissed

Bench: Dinesh Mohan Sinha & Shri Bijayananda Pruseth(Hybrid Hearing) Ito, Vs. Chandubhai Jadavbhai Korat, Ward – 1(3)(1), 5, Raghuvir Bungalow, City Light Surat Road, Bharthana, B.O. Umra, Surat – 395007 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abqpk7796L (Appellant) (Respondent) Co No.36/Srt/2024 (Ay 2015-16) (Arising Out Of Ita No.720/Srt/2024) Chandubhai Jadavbhai Korat, Vs. Ito, 5, Raghuvir Bungalow, City Light Road, Ward – 1(3)(1), Bharthana, B.O. Umra, Surat - 395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Abqpk7796L (Appellant) (Respondent) Appellant By Shri Mukesh Jain, Cit-Dr Respondent By Shri Rasesh Shah, Ca Date Of Hearing 02/09/2025 Date Of Pronouncement 21/11/2025

penny scrip stock JIIL were manipulated as the upward movement of share price was not at all justified by the economic fundamental of the company during the period of transactions. In support of the grounds of appeal, ld. CIT-DR requested to sustain the addition made by the AO and allow the revenue’s appeal

ITO, WARD-2(3)(2), SURAT, SURAT vs. KISHOR BHANUBHAI ASODARIA, SURAT

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Bijayananda Pruseth (Accountant Member)

penny stock scrip namely JRI Industries & Infrastructure Ltd. In support of the grounds of appeal, Ld. Sr. D.R. requested to sustain the addition made by the assessing officer and allow the Revenue appeal. I.T.A No. 1245//SRT/2024 A.Y. 2015-16 Page No 5 ITO Vs. Kishor Bhanubhai Asodaria 6. Per contra, Ld. Counsel Shri Manish J Shah appearing

REKHABEN JITENDRAKUMAR JAIN,AHURA NAGAR SOCIETY vs. PCIT, AAYAKAR BHAVAN

In the result, the appeal of the assessee stands allowed

Bench: S/Shri Sanjay Garg & Bijayananda Prusethassessment Year : 2013-14 Rekhaben Jitendrakumar Jain, The Pr.Commissioner Of 255-257, Ahura Nagar Society Vs Income Tax-1 Adajan. Surat. Pan : Adypj 6066 G (Applicant) (Responent) : Assessee By Shri Rasesh Shah, Ca : Shri Ashish Pophara, Cit-Dr Revenue By सुनवाई क" तार"ख/Date Of Hearing : 05/03/2025 घोषणा क" तार"ख /Date Of Pronouncement: 03/06/2025 आदेश/O R D E R Per Sanjay Garg

reassessment order was passed on 23.3.2022 by the AO, assessing the income of the assessee at Rs.9,03,830/-. The ld.Pr.CIT noted that assesses had traded in the scrip INDINFO with the trade value of Rs.1,08,44,623/- and claimed exempted LTCG of Rs.96,42,734/- from share trading and the same was allowed by the department

INCOME TAX OFFICER, WARD-1(2)(1), SURAT, SURAT vs. DEEPESH VISHNU AGARWAL, SURAT

In the result, the appeal of the revenue is dismissed

penny stock. Hence, the AO\ntreated the amount transacted of Rs.84,32,905/- as unexplained investment\nu/s.69 r.w.s.115BBE of the Act. Further, the AO added an amount of Rs.2,52,987/-\n(3% of Rs.84,32,905/-) on account of commission paid to the entry provider in\nsuch trade, as unexplained expenditure and taxed as per Section 115BBE

INCOME TAX OFFICER, SURAT vs. ILESH B PONKIA, SURAT

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Bijayananda Pruseth (Accountant Member)

penny stock used by I.T.A No. 901//SRT/2024 A.Y. 2015-16 Page No 4 ITO Vs. Ilesh B Ponika brokers/entry operators, to provide accommodation entries so as to convert the unexplained cash into legitimate tax free income in the form of Long Term Capital Gain to the beneficiaries. The assessee said to have sold 50,000 shares of JIIL during

INCOME TAX OFFICER 331, MAJURA GATE SURAT vs. SHARDABEN GORDHANBHAI ASODARIA, SURAT

In the result, the appeal of the revenue is dismissed

penny stock. The Assessing Officer had made additions based on the belief that the stock price movement was manipulated and not supported by financial fundamentals.", "held": "The Tribunal held that the notices issued under Section 148 of the Income Tax Act for AY 2015-16, on or after April 1, 2021, were time-barred and invalid, based on pronouncements

INCOME TAX OFFICER, WARD- 2(3)(1), SURAT vs. HITESH B PONKIA HUF, SURAT

In the result, the appeal of the revenue is dismissed

penny stocks, which the CIT(A) deleted. The revenue contested these deletions.", "held": "The Tribunal held that the notices issued under section 148 of the Income Tax Act for AY 2015-16, after April 1, 2021, were time-barred and invalid based on Supreme Court and High Court precedents. The reassessment