AJAY KUMAR TANTIA,KOLKATA vs. INCOME TAX OFFICER, WARD-4(1), GUWAHATI

In the result, effective grounds raised by the assessee are partly allowed as per terms indicated hereinabove and other grounds being general in nature need no adjudication

Bench: Shri Rajpal Yadav, Vice- & Shri Manish Boradi.T.A. No.328/Gty/2019 Assessment Year: 2014-15 Ajay Kumar Tantia, Kolkata.....…..…………....................……….……Appellant 7B, Ground Floor, Kiran Shankar Roy Road, Kolkata-1. [Pan: Abkpt3130B] Vs. Ito, Ward-4(1), Guwahati ……..…............…….......................…..…..Respondent Appearances By: Shri S. P. Bhati, Fca, Appeared On Behalf Of The Appellant. Shri Amit Kumar Pandey, Jcit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 31, 2023 Date Of Pronouncing The Order : February 06, 2023 Order Per Manish Borad: This Appeal At The Instance Of The Assessee Pertaining To The Assessment Year (In Short “Ay”) 2014-15 Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals), Guwahati-2, Guwahati [In Short Ld. “Cit(A)”] Dated 31.05.2019 Which Is Arising Out Of The Order U/S 143(3) Of The Assessing Officer Dated 23.12.2016. 2. The Assessee In This Appeal Has Taken The Following Grounds Of Appeal:

purchase and sale of penny stock companies. The scrips were identified by the ld. Assessing Officer as penny stock on the basis of information received by the Investigation Wing of the Income Tax Department in various cases. The ld. Assessing Officer observed that in one script, the assessee has earned short-term capital gain and in other two scrips

DCIT, CIRCLE-1, DIBRUGARH vs. BAJRANG LAL BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. BACHH RAJ BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. BACHH RAJ BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. HANS RAJ BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. HANS RAJ BAMALWA (HUF), DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. USHA BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. MEENAKSHI BAMALWA SONI, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. PRAMOD KUMAR BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. SHEETAL BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. MADAN LAL BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. BHAGWATI DEVII BAMALWA , DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE- 1, DIBRUGARH vs. VISHAL BAMALWA , DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. VINAY BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. RAVI BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

D.C.I.T., CIRCLE-1, DIBRUGARH vs. VINOD BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

DCIT, CIRCLE-1, DIBRUGARH vs. BAJRANG LAL BAMALWA, DIBRUGARH

In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed

Bench: Shri Rajpal Yadav, Vice-(Kz) & Shri Rajesh Kumar

purchased the shares, promoters of penny stock companies, entry operators etc. The money trail of transactions had also been examined and in a large number of transactions, trail from cash deposit account to the beneficiaries account had been unearthed. (iv) That several individuals who had taken bogus

SHRI KOMAL KUMBHAT,GUWAHATI vs. INCOME TAX OFFICER, WARD-2(1), GUWAHATI

Bench: Shri Sanjay Gargi.T.A No.136/Gty/2020 Assessment Year: 2014-15 Shri Komal Kumbhat…………...................................................……Appellant 234, G.N.B Road, 2Nd Floor, Opposite Gauhati Club Bus Stand-Above Sarita Restaurant, Guwahati-781003. [Pan: Aedpk8036P] Vs. Ito, Ward-2(1), Guwahati...…...................……........……...…..…..Respondent Appearances By: Shri H. S. Kumbhat, Ar, Appeared On Behalf Of The Appellant. Shri N. T. Sherpa, Jcit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : March 14, 2023 Date Of Pronouncing The Order : May 25, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 02.03.2020 Of The Commissioner Of Income Tax (Appeals)- Guwahati-1, Guwahati (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee In This Appeal Through Various Grounds Of Appeal Has Agitated Two Issues I.E. (I) Addition Made/Confirmed By The Lower Authorities On Long-Term Capital Gains Claimed By The Assessee Of Rs.21,80,417/- Treating The Same As Bogus & Thereby Adding The Same

penny stock by the Securities and Exchange Board of India (SEBI). The Assessing Officer from the details furnished by the assessee noted that the assessee had been investing in shares in listed companies occasionally. The investment in listed company was not significant except the shares of Kappac Pharma because the total number of shares purchased by the assessee during past