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Documents citing Smt. Aarti Singal, Chandigarh vs Dcit, Cc-1, Chandigarh on 7 February, 2020

Sh. Sanjay Singal, Chandigarh vs Dcit, Cc-1, Chandigarh on 20 September, 2021

In given case Tribunal can feel that certain details possessed by the Revenue are necessary for just decision of the appeal then, it can direct the Revenue In the cases of Shri Sanjay Singhal and Others Vs. DCIT, Chandigarh (9 Appeals) 23 for production of those details. Thus, these cases are not applicable on the facts of the present appeals. It is also pertinent to mention that the assessee has duly demonstrated in the reply extracted above as to why these evidences should not be taken on record. We have gone through the reply and emphasizing more particularly on para no.15 to 18 demonstrating the eventual value of these statement. We are satisfied that by way of this application a fatuous attempt is being made to create artificial distinction between these appeals vis-s-vis the earlier orders of the ITAT on the same point. In substance these are not the evidence required by the ITAT for just decision of the appeals. In view of the above discussion, the application of the Revenue is rejected.
Income Tax Appellate Tribunal - Chandigarh Cites 98 - Cited by 2 - Full Document

Shailendra Gupta, Kota vs Acit, Circle-1, Kota on 7 August, 2024

1.27 In this regard, reference may also be made to decision in the case of Sanjay Singhal vs. DCIT, in ITA Nos.708, 710, 711/Chd/2018 decided on 20/09/2021, wherein the Chandigarh ITAT has rebutted the issue and held - 34.The next issue discussed by the learned assessing 21 ITA NO. 206/JP/2024 SHAILENDRA KUMA GUPTA, KOTA VS ITO, WARD 1(3), KOTA officer was with respect to the preponderance of the probabilities in para number 4.12 of the assessment order. The learned assessing officer noted that in the instant case, there are many statements duly supported by the evidences that the individuals of Bhushan Steel Ltd. group has received bogus long-term capital gain entries from various companies managed and controlled by entry operators. Further, the assessee has invested in shares of various penny stock companies, which were not doing any meaningful business, and even the earning was minimal. No prudent investor will ever invest huge sums in a company, which does not have history of declaring dividends and sound financial conditions. All the transactions of the sale of shares have resulted into huge abnormal profits, which is not possible in normal course of investment. However, evidence indicating sham transactions by all the investors were not found by the Department, but the pattern of investment, the modus operandi adopted is largely same for 100% of investors. The rates of return, pattern of movement of funds were glaring, non-existence of genuine business activities of such investors etc. safely lead to conclusion that long-term capital gain received from these penny stock companies is bogus and taxable.
Income Tax Appellate Tribunal - Jaipur Cites 86 - Cited by 0 - Full Document

Pawan Gupta, Kota vs Ito Ward 1(3) Kota , Kota on 7 August, 2024

1.27 In this regard, reference may also be made to decision in the case of Sanjay Singhal vs. DCIT, in ITA Nos.708, 710, 711/Chd/2018 decided on 20/09/2021, wherein the Chandigarh ITAT has rebutted the issue and held - 34.The next issue discussed by the learned assessing officer was with respect to the preponderance of the probabilities in para number 4.12 of the assessment order. The learned assessing officer noted that in the instant case, there are many statements duly supported by the evidences that the individuals of Bhushan Steel Ltd. group has received bogus long-term capital gain entries from various companies managed and controlled by entry operators. Further, the assessee has invested in shares of various penny stock companies, which were not doing any meaningful business, and even the earning was minimal. No prudent investor will ever invest huge sums in a company, which does not have history of declaring dividends and sound financial conditions. All the transactions of the sale of shares have resulted into huge abnormal profits, which is not possible in normal course of investment. However, evidence indicating sham transactions by all the investors were not found by the Department, but the pattern of investment, the modus operandi adopted is largely same for 100% of investors. The rates of return, pattern of movement of funds were glaring, non-existence of genuine business activities of such investors etc. safely lead to conclusion that long-term capital gain received from these penny stock companies is bogus and taxable.
Income Tax Appellate Tribunal - Jaipur Cites 86 - Cited by 0 - Full Document

Rajrajeshwari Gupta , Kota vs Ito , Ward 1(1),Kota, Kota on 7 August, 2024

1.27 In this regard, reference may also be made to decision in the case of Sanjay Singhal vs. DCIT, in ITA Nos.708, 710, 711/Chd/2018 decided on 20/09/2021, wherein the Chandigarh ITAT has rebutted the issue and held - 34.The next issue discussed by the learned assessing officer was with respect to the preponderance of the probabilities in para number 4.12 of the assessment order. The learned assessing officer noted that in the instant case, there are many 23 ITA NO.245/JP/2024 RAJ RAJESHWARI GUPTA VS ITO, WARD 1(3), KOTA statements duly supported by the evidences that the individuals of Bhushan Steel Ltd. group has received bogus long-term capital gain entries from various companies managed and controlled by entry operators. Further, the assessee has invested in shares of various penny stock companies, which were not doing any meaningful business, and even the earning was minimal. No prudent investor will ever invest huge sums in a company, which does not have history of declaring dividends and sound financial conditions. All the transactions of the sale of shares have resulted into huge abnormal profits, which is not possible in normal course of investment. However, evidence indicating sham transactions by all the investors were not found by the Department, but the pattern of investment, the modus operandi adopted is largely same for 100% of investors. The rates of return, pattern of movement of funds were glaring, non-existence of genuine business activities of such investors etc. safely lead to conclusion that long-term capital gain received from these penny stock companies is bogus and taxable.
Income Tax Appellate Tribunal - Jaipur Cites 84 - Cited by 0 - Full Document
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