SMT. SANTOSH BAMALWA,DIBRUGARH vs. ACIT, CIRCLE-1, DIBRUGARH

ITA 348/GTY/2025Status: DisposedITAT Guwahati13 March 2026AY 2011-12Bench: SHRI DUVVURU RL REDDY (Vice President), SHRI RAJESH KUMAR (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal noted that the assessee's case was covered by the decisions of the Coordinate Bench in similar cases, where the addition on account of long-term capital gain from the sale of shares was deleted. Consequently, the Tribunal set aside the order of the Ld. CIT(A) and directed the Assessing Officer to delete the addition.

What were the facts?

The assessee filed their return of income which was processed. The case was later reopened under Section 147/148 for AY 2011-12. The addition of ₹1,51,02,134/- was made on account of long-term capital gain on sale of shares, treated as unexplained cash credit under Section 68 of the Act. This addition was affirmed by the Ld. CIT(A).

What were the issues?

Whether the addition made by the AO and confirmed by the CIT(A) on account of long-term capital gains from sale of shares under Section 68 of the Act is sustainable.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 68,Section 10(38),Section 143(1),Section 143(3),Section 153A

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Income Tax Appellate Tribunal, ‘GAUHATI BENCH’, GUWAHATI

For Appellant: Shri S.K. Tulsiyan, Advocate
For Respondent: Shri Santosh Kumar Karnani, Addl
Hearing: 09/03/2026Pronounced: 13/03/2026

PER: BENCH

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 08.10.2025 for the AY 2011-12. 2. The assessee in the various grounds of appeal has challenged the addition on legal issue as well as on merit. The legal issue raised by the assessee is against the validity of reopening under of assessment under section 147 of the Income Tax Act, 1961 (in short, the Act) r.w.s. 148 of the Act, which has been affirmed by the ld. CIT(A) and on merit, the assessee has challenged the addition made under Section 68 of the Act by the AO of ₹ 1,51,02,134/- which

The order continues below.

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