ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3, GUWAHATI vs. SHRI PANNALAL BHANSALI, GUWAHATI

In the result, appeal of the revenue as well as the Cross

Bench: Shri Sanjay Garg & Shri Girish Agrawalassessment Year: 2016-17

3. On the first issue relating to unsubstantiated increase in the capital of the assessee, Ld. AO noted the sharp rise amounting to Rs.23,26,96,302/- out of which assessee has shown an amount of Rs.13,42,97,642/- as capital brought in. In this respect, assessee has furnished a list of assets in the form of debtors/deposit/advance

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2,, DIBRUGARH. vs. OIL INDIA LTD., DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2,, DIBRUGARH. vs. OIL INDIA LTD., DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

OIL INDIA LTD.,DIBRUGARH vs. ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE -2, DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

OIL INDIA LTD.,DIBRUGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -2, DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

OIL INDIA LTD.,DIBRUGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, RANGE -2, DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, DIBRUGARH vs. OIL INDIA LTD., DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2, DIBRUGARH vs. OIL INDIA LTD., DIBRUGARH

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

OIL INDIA LTD.,,DIBRUGARH vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2,, DIBRUGARH.

Bench: Shri S.S.Godara & Dr. A.L. Saini

gains as specified in Sub-section (3). In order to claim such benefit the following conditions are to be satisfied:- a) The benefit is available to an undertaking or enterprise; b) Such undertaking or enterprise begins to manufacture or produce any article of thing not being any article or thing specified in respect to the Thirteen Schedule; c) The said

M/S. SEEMA HOLDING PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE -1, GUWAHATI

In the result, appeal of the assessee in ITA No

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 67/Gty/2023 Assessment Year: 2014-15 M/S. Seema Holding Pvt. Ltd. I.T.O. Ward-15(2), Kolkata Vs [Now, Acit, Central Circle-1, 89, Muktaram Babu Street Guwahati] Kolkata - 700007 [Pan : Aadcs5209H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

section 147 of the Act, as the reopening is beyond 4 years from the original assessment u/s 143(3) of the Act. As, we have discussed and decided the legal issue in favour of the assessee and the re-assessment order u/s 147 r.w.s. 144 of the Act, itself has attained nullity, the grounds on merits are only academic

M/S. SEEMA HOLDING PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE -1, GUWAHATI

In the result, appeal of the assessee in ITA No

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 67/Gty/2023 Assessment Year: 2014-15 M/S. Seema Holding Pvt. Ltd. I.T.O. Ward-15(2), Kolkata Vs [Now, Acit, Central Circle-1, 89, Muktaram Babu Street Guwahati] Kolkata - 700007 [Pan : Aadcs5209H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

section 147 of the Act, as the reopening is beyond 4 years from the original assessment u/s 143(3) of the Act. As, we have discussed and decided the legal issue in favour of the assessee and the re-assessment order u/s 147 r.w.s. 144 of the Act, itself has attained nullity, the grounds on merits are only academic

M/S. SEEMA HOLDING PVT. LTD.,KOLKATA vs. A.C.I.T., CIRCLE -1, GUWAHATI

In the result, appeal of the assessee in ITA No

Bench: Shri Rajesh Kumar, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 67/Gty/2023 Assessment Year: 2014-15 M/S. Seema Holding Pvt. Ltd. I.T.O. Ward-15(2), Kolkata Vs [Now, Acit, Central Circle-1, 89, Muktaram Babu Street Guwahati] Kolkata - 700007 [Pan : Aadcs5209H] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)

section 147 of the Act, as the reopening is beyond 4 years from the original assessment u/s 143(3) of the Act. As, we have discussed and decided the legal issue in favour of the assessee and the re-assessment order u/s 147 r.w.s. 144 of the Act, itself has attained nullity, the grounds on merits are only academic

VIVEK AGARWAL,GURGAON vs. INCOME-TAX OFFICER, WARD-2, TINSUKIA

Appeals of the assessee are allowed for statistical purposes

Bench: the Ld. CIT(A). Needless to say, the assessee is aggrieved by the action of the Ld. Assessing Officer in all the three matters and has challenged the imposition of penalty in ITA No. 227 & 228/Gty/2024. He has also challenged the treatment of LTCG as bogus in the case of ITA No. 204/Gty/2018. For the A.Y. 2014-15 (ITA No. 204/Gty/2018) the assessee has filed revised grounds of appeal which deserve to be extracted for reference:

Capital Gains (LTCG) claimed on account of certain penny stocks which were under adverse notice by the Investigation Wing of the Income Tax Department. The LTCG claimed was disallowed by treating it as bogus and thereafter penalty under Section 271(1)(c) of the Act was also levied. Regarding the A.Y. 2013-14 (ITA No. 227/Gty/2024) also, the LTCG claimed

VIVEK AGARWAL,GURGAON vs. INCOME-TAX OFFICER, WARD-2, TINSUKIA

Appeals of the assessee are allowed for statistical purposes

Bench: SHRI MANOMOHAN DAS, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

Capital Gains (LTCG) claimed on account of certain penny stocks which were under adverse notice by the Investigation Wing of the Income Tax Department. The LTCG claimed was disallowed by treating it as bogus and thereafter penalty under Section 271(1)(c) of the Act was also levied. Regarding the A.Y. 2013-14 (ITA No. 227/Gty/2024) also, the LTCG claimed

VIVEK AGARWAL,TINSUKIA vs. INCOME TAX OFFICER, WARD-2, TINSUKIA

Appeals of the assessee are allowed for statistical purposes

Bench: the Ld. CIT(A). Needless to say, the assessee is aggrieved by the action of the Ld. Assessing Officer in all the three matters and has challenged the imposition of penalty in ITA No. 227 & 228/Gty/2024. He has also challenged the treatment of LTCG as bogus in the case of ITA No. 204/Gty/2018. For the A.Y. 2014-15 (ITA No. 204/Gty/2018) the assessee has filed revised grounds of appeal which deserve to be extracted for reference:

Capital Gains (LTCG) claimed on account of certain penny stocks which were under adverse notice by the Investigation Wing of the Income Tax Department. The LTCG claimed was disallowed by treating it as bogus and thereafter penalty under Section 271(1)(c) of the Act was also levied. Regarding the A.Y. 2013-14 (ITA No. 227/Gty/2024) also, the LTCG claimed

HALADHAR DAS,CASHAR vs. INCOME TAX OFFICER, WARD-1, SILCHAR

In the result, the appeal of assessee is allowed for statistical purposes

Bench: Shri A. T. Varkey, Jm]

3. Coming to the other ground of appeal of the assessee it is noted that it is against the impugned the action of the Ld. CIT(A) in confirming the addition of Rs. 17,40,000/- as long term capital gain. According to assessee this amount was sale consideration of his Shaiel Dhan Bhumi/ Shaiel Raice Land/Rural Agricultural Land which