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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

bogus entries of long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price mostly online by way of preferential allotment or off-line

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

transferred in the name of the assessee in the Books of Kappac Pharma Ltd. in the month of October 2012 (as claimed) and has been credited in the D-mat account of the assessee only in the month of February, 2014 i.e just one month before its sale in the month of March, 2014. Further that the payment against

ACCRECENT WAY MARKETING (P) LTD.,GUWAHATI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3, GUWAHATI

Bench: Shri Manomohan Das & Shri Rakesh Mishra

bogus entries of name-lenders. 13.3. If the enquiries and investigations reveal that the identity of the creditors to be dubious or doubtful, or lack creditworthiness, then the genuineness of the transaction would not be established. In such a case, the assessee would not have discharged the primary onus contemplated by Section 68 of the Act. 24. In Principal Commissioner