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 long-term capital gains through trading in penny stock companies. The Assessing Officer further noted from the financial statement of Kappac Pharma Ltd to find out that there were no actual financial credentials of the said company to support its share movement pattern. That the investee company had NIL fixed assets, normal turnover, no profitability or any other feature

SHRI LIKHA SAAYA,NIRJILI vs. INCOME TAX OFFICER, WARD- NORTH LAKHIMPUR., LAKHIMPUR.

In the result, both the appeals of the assessee are allowed

Bench: S/Shriand Rajesh Kumarand Manmohan Dasita Nos.49 & 50/Gty/2021 Assessment Years : 2010-11 & 2011-12 Shri Likha Saaya S/O. Shri Likha Vs. Ito, Ward-North, Lakhimpur Heli, P-Sector, P.O. Nirjuli, Borah Complex, D.K.Road, North District Papumpare, Arunachal Lakhimpur, Lakhimpur, Assam- Pradesh-791109 787001 Pan/Gir No. (Appellant) .. ( Respondent) Assessee By : Sarala Agarwal. Ar Revenue By : Shri Kausik Ray, Jcit

purchase of some properties, which did not materialise and, therefore, the cash was deposited back into the bank accounts of the assessee. Therefore, once the sources of cash deposits are explained to be out of withdrawals of cash from the bank account of the assessee, then same cannot be added to the income of the assessee as unexplained money

SHRI LIKHA SAAYA,NIRJILI vs. INCOME TAX OFFICER, WARD- NORTH LAKHIMPUR., LAKHIMPUR.

In the result, both the appeals of the assessee are allowed

Bench: S/Shriand Rajesh Kumarand Manmohan Dasita Nos.49 & 50/Gty/2021 Assessment Years : 2010-11 & 2011-12 Shri Likha Saaya S/O. Shri Likha Vs. Ito, Ward-North, Lakhimpur Heli, P-Sector, P.O. Nirjuli, Borah Complex, D.K.Road, North District Papumpare, Arunachal Lakhimpur, Lakhimpur, Assam- Pradesh-791109 787001 Pan/Gir No. (Appellant) .. ( Respondent) Assessee By : Sarala Agarwal. Ar Revenue By : Shri Kausik Ray, Jcit

purchase of some properties, which did not materialise and, therefore, the cash was deposited back into the bank accounts of the assessee. Therefore, once the sources of cash deposits are explained to be out of withdrawals of cash from the bank account of the assessee, then same cannot be added to the income of the assessee as unexplained money

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price

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

investing in a particular security are not always bound by fundamentals. In fact, to say that one must only invest in securities of companies, which are “blue chip”, “with known directors having significant net worth” could not be further from the truth. Investment in a company with weak fundamentals can be for several reasons such as professional advice, reasonable price