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. 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. 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. 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

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. 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. 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. 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

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

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. 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. 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

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

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 Ltd. which was recognised as a penny stock by the Securities and Exchange Board of India (SEBI). The Assessing Officer from

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2, DIBRUGARH vs. M/S. BRAHMAPUTRA CRACKER & POLYMER LTD. , DIBRUGARH

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

disallowed the claim of capitalizing interest received by assessee from short term deposit (herein after referred as ‘STD’) of unutilized borrowed funds by relying on the decision of the Hon’ble Supreme Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. (supra), Bokaro Steels Ltd.(supra) and Bongaigaon Refinery & Petrochemicals Co. Ltd. (supra). The Ld. ITA Nos. 94 to 97/Gau/2018

M/S. BRAHMAPUTRA CRACKER & POLYMER LTD. ,DIBRUGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2, DIBRUGARH

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

disallowed the claim of capitalizing interest received by assessee from short term deposit (herein after referred as ‘STD’) of unutilized borrowed funds by relying on the decision of the Hon’ble Supreme Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. (supra), Bokaro Steels Ltd.(supra) and Bongaigaon Refinery & Petrochemicals Co. Ltd. (supra). The Ld. ITA Nos. 94 to 97/Gau/2018

M/S. BRAHMAPUTRA CRACKER & POLYMER LTD. ,DIBRUGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2, DIBRUGARH

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Dr. A. L. Saini, Am]

disallowed the claim of capitalizing interest received by assessee from short term deposit (herein after referred as ‘STD’) of unutilized borrowed funds by relying on the decision of the Hon’ble Supreme Court in Tuticorin Alkali Chemicals & Fertilizers Ltd. (supra), Bokaro Steels Ltd.(supra) and Bongaigaon Refinery & Petrochemicals Co. Ltd. (supra). The Ld. ITA Nos. 94 to 97/Gau/2018