BHARAT DE vs. HI DAGHA,THANEVS.ITO WARD 3(1), KALYAN

In the result, both the appeals of the assessee are dismissed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2009-10 & Assessment Year: 2010-11 Bharat Devshi Dagha, Ito, Ward 3(1), 3/13, Geet Govind Chs. Rani Mansion Manpada Road, Vs. Maharashtra-421301. Dombivli East-421 201. Pan No. Aarpd 9399 Q Appellant Respondent

penny stock company or the stock broker, entry operator despite which those assessees stock broker, entry operator despite which those assessees stock broker, entry operator despite which those assessees could not make any headway. While on this issue, we need to could not make any headway. While on this issue, we need to could not make any headway. While

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

penny stock company or the operator which are referred to as "Exit Providers". The unaccounted money of the beneficiaries is routed to these bogus entities "Exit Providers" and the shares held by the beneficiaries are bought by these bogus entities from the money which is the unaccounted money of the beneficiaries. Sometimes, the shares of the LTCG beneficiaries are purchased

LEKHRAJ JASRAJ JAIN ,MUMBAI vs. DCIT 19(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15

bogus LTCG income and thereby converted undisclosed income into tax free income income and thereby converted undisclosed income into tax free income income and thereby converted undisclosed income into tax free income Lekhraj J. Jain 6 without paying tax without paying taxes. Information was received that the SEBI has es. Information was received that the SEBI has suspended trading

SHANNO MOHAMMED YUSUF WARSI ,MUMBAI vs. INCOME TAX OFFICER-25(1)(3), MUMBAI

In the result, the appeal

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2013-14

Bogus client purchases the penny stock shares from beneficiary on abnormally higher rate. penny stock shares from beneficiary on abnormally

RAJENDRA KUMAR MUNDRA (HUF),MUMBAI vs. NATIONAL FACELESS ASSESSMENT CENTRE (NFAC), DELHI

In the result the appeal filed by the assessee stands allowed

Bench: Hon’Ble Shri Sandeep Gosain& Shri Girish Agrawalrajendra Kumar Mundra Vs. Ito, Ward 24(3)(1) (Huf) Piramal Chamber C-28, Ameya Bldg, Behind Lalbaug, Mumbai – Ymca Dn Nagar Andheri (W) 400012. 400053. Pan/Gir No.Aadh6828J (Applicant) (Respondent)

Bogus capital gains from penny stocks: Sureshchandra Agarwal The fact that the Stock Exchanges (ITAT Ahmedabad) ITA No. disclaimed the transaction is irrelevant 1442/Ahd/2013 & CO No. because purchase

ANAND MELLARAM ISSRANI ,MUMBAI vs. ASST. COMM. OF INCOME TAX 23(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2011-12 Shri Anand Mellaram Issrani, Acit 23(1), 1St Floor, Charishma Chs, Guru Piramal Chambers, Nanak Road, Bandra Vs. Mumbai-400012. Mumbai-400051. Pan No. Aaapi 1267 K Appellant Respondent

purchase of penny stock rchase of penny stock shares for lesser amount and the sale of the shares for higher shares for lesser amount and the sale of the shares for higher shares for lesser amount and the sale of the shares for higher amount fell within the ambit of adventure in the nature of trade and amount fell within

SHRI NILESH HARESH PARWANI,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX-22(2), MUMBAI

In the result, the appeal of the assessee is dismissed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhshri Nilesh Haresh Vs. The Assistant Parwani, 501, Chumchum Commissioner Of Income Saraswati Road, Tax-22 (2) Santacruz West, Room No. 315, Piramal Mumbai – 400 064 Chamber, Lalbaug, Mumbai – 400 012 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Angpp1224L Appellant .. Respondent Appellant By : Sanjay Parikh Respondent By : Anil Sant Date Of Hearing 08.03.2024 Date Of Pronouncement 15.05.2024 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assessee Is Directed Against The Order Passed By The Ld. Cit(A) Nfac For A.Y. 2014-15. The Assessee Has Raised The Following Grounds Before Us: “A. Addition/Disallowance Of Short Term Capital Loss Rs.1,62,91,466/- 1. The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [Cit(A)] Erred On Facts & In Law In Confirming The Addition/Disallowance Of Short Term Capital Loss Of Rs. 1,62,91,466/- As Made By The Assistant Commissioner Of Income Tax, 22(2), Mumbai (Ao). 2. While Confirming The Addition/Disallowance Of The Said Loss, The Learned Cit(A) Erred In Holding That The Appellant Had Not Made Out A Case As To How Such Huge Ltcg/Stcl Has Accrued To The Appellant From Shares Of The Company Named Global Infratech Ltd.

penny stock company or the operator which are referred to as "Exit Providers". The unaccounted money of the beneficiaries is routed to these bogus entities "Exit Providers and the shares held by the beneficiaries are bought by these bogus entities from the money which is the unaccounted money of the beneficiaries. Sometimes, the shares of the LTCG beneficiaries are purchased

ITO 41(3)(1), MUMBAI, MUMBAI vs. DEEPIKA ANIL AGARWAL, MUMBAI

In the result the appeal filed by the revenue stands\ndismissed

purchase and\nsale of the penny stock. Failure to provide\ncross-examination is a fatal error\n27. Shri Sunil Prakash V/s.\nACIT\n-15(2)\nΙ.Τ.Α./6494/Mum/2014,\n Assessment Year: 2005-06\nS. 68 bogus