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Kunvarji Finance Pvt. Ltd., Ahmedabad vs The Acit, Circle-2(1)(2),, Ahmedabad on 22 March, 2023 cites

Kunvarji Finance Pvt. Ltd.,, Ahmedabad vs The Acit, Osd-I, Circle-4,, Ahmedabad on 11 January, 2018

Kunvarji Finance Pvt. Ltd. vs. ACIT 6.1 Respectfully following the aforesaid ruling as reproduced above and taking into consideration the facts of the instant case, we are of the considered view, that Ld. CIT(Appeals) has erred in facts and in holding that the transaction or purchase and sale of shares was the only with a view to book bogus loss. In light of the above observations, the appeal of the assessee is allowed.
Income Tax Appellate Tribunal - Ahmedabad Cites 9 - Cited by 1 - Full Document

Genuine Finance Pvt. Ltd., Ahmedabad vs The Dcit, Circle-2(1)(1), Ahmedabad on 28 October, 2022

6. We have heard the rival contentions and perused the material on record. We are of the considered view that in the instant set of facts it cannot be held that the sale of shares of M/s Vas Infrastructure Private Limited was with a view to book a bogus loss. We further observe that the ITAT Ahmedabad in the case of Genuine Finance Private Limited v. DCIT in ITA number 221/Ahd/2021 has held on identical facts and in the case of purchase and sale of same script i.e. M/s Vas Infrastructure Private Limited that the transaction cannot be held to be bogus. The relevant extracts of the ruling by ITAT Ahmedabad is reproduced below for reference:
Income Tax Appellate Tribunal - Ahmedabad Cites 10 - Cited by 3 - Full Document

Jawahar Lal Jain Huf And Another vs Principal Commissioner Of Income Tax, ... on 23 January, 2023

"3.5. The has made the addition of sale of 79500 shares for Rs. 61,28,656/- on the basis of detailed investigation carried out by DDIT (inv.), Unit - 6(2), Mumbai in respect of penny stock company including M/'s. Vas infrastructure Pvt. Ltd. in which the modus operandi adopted by the entry provider to book bogus profit and loss has been established. The appellant has purchased 79500 shares amounting to Rs.61.28,656/- and said the said shares for Rs.48,69,330/- incurring loss of Rs. 12,59,326/-. The Honourable Bombay High Court in the case of Sanjay Bimaichand jain.(L7H) Shanticievi Bimaichand Jain Vs. The Principal Commissioner of income Tax. - 1, Nagpur in income Tax Appeal No. 18/2017 in his order dated April 10, 2017 has confirmed the addition of long term capital gain on penny stock company as under.-
Punjab-Haryana High Court Cites 0 - Cited by 1 - R Bahri - Full Document
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