SMT. SANTOSH BAMALWA,DIBRUGARH vs. ACIT, CIRCLE-1, DIBRUGARH
In the result, all the appeals of the Revenue are dismissed and that of the Cross Objections of the assessees are allowed
ITA 348/GTY/2025[2011-12]Status: DisposedITAT Guwahati13 Mar 2026AY 2011-12
Bench: Shri Duvvuru Rl Reddy & Shri Rajesh Kumarsmt. Santosh Bamalwa Acit, Circle-1 C/O A.K. Varma, Ground Floor, Aayakar Bhawan, 2Nd Floor, Vs. Mahalaya Road, Dibrugarh- Milan Nagar, Dibrugarh-786003, 786001, Assam Assam (Appellant) (Respondent) Pan No. Aedpb9900P Assessee By : Shri S.K. Tulsiyan, Advocate Revenue By : Shri Santosh Kumar Karnani, Addl. Cit Date Of Hearing: 09/03/2026 Date Of Pronouncement: 13/03/2026 O R D E R
For Appellant: Shri S.K. Tulsiyan, AdvocateFor Respondent: Shri Santosh Kumar Karnani, Addl
Section 10(38)Section 143(1)Section 143(3)Section 147Section 148Section 68
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Smt. Santosh Bamalwa Vs ACIT the Assessing Officer primarily relied on the investigation report of Directorate of Investigation, Kolkata in respect of 84 penny stocks. However, we note that the impugned scrip of Twenty First Century (India) Ltd. was not included in the said list. We note that the Assessing Officer noted that the said scrip is penny stock
