SAROJ DEVI SAND,SILCHAR vs. INCOEM TAX OFFICER, WARD-3, SILCHAR

In the result, both the appeals filed by the assessees in ITA

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

short span of time and they have typical characteristics of a penny stock company which are known to be controlled by entry operators, brokers and the promoters of such companies in order to provide bogus long term capital gain to various beneficiaries. Both the lower authorities have denied the claim of exemption u/s 10(38) of the Act. 10. Recently

INDER CHAND SAND,SILCHAR vs. INCOME TAX OFFICER, WARD-2, SILCHAR

In the result, both the appeals filed by the assessees in ITA

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

short span of time and they have typical characteristics of a penny stock company which are known to be controlled by entry operators, brokers and the promoters of such companies in order to provide bogus long term capital gain to various beneficiaries. Both the lower authorities have denied the claim of exemption u/s 10(38) of the Act. 10. Recently

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

gains which arose after the sale CO Nos. 6 to 21/GAU/2023 (in ITA Nos. 51 to 66/GAU/2023) of the shares was not impossible. The Appellant Assessee states that the A.O. failed to appreciate that the reasons for investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities

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

bogus and thereby adding the same I.T.A No.136/GTY/2020 Assessment year: 2014-15 Shri Komal Kumbhat as unaccounted income of the assessee; (ii) disallowance of long-term capital loss of Rs.52,80,893/-. 3. First issue – The Assessing Officer made the impugned addition observing that the assessee has claimed long-term capital gain on the sale of scrip namely Kappac Pharma