DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 3, GUWAHATI vs. M/S. SATYAM ISPAT (NORTH EAST) LIMITED, BANDERDEWA

In the result, the appeals filed by the Revenue for AY 2011-

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

credit worthiness and the genuineness of the transactions. It is settled law that once an assessee provides details regarding identity of the share applicants/holders, their permanent account numbers, bank details, balance sheets, A/D receipt in support of filing of income tax returns, copies of Memorandum & Articles of Association etc., the share application money/capital cannot be treated as unexplained

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

Bench: Shri Manomohan Das & Shri Rakesh Mishra

unexplained Share Application Money u/s 68 of Income Tax Act, 1961. 2. For that the Learned Commissioner of Income Tax (Appeals) erred in law in upholding the addition u/s 68 of Income Tax Act, 1961 when the pre- conditions for such addition did not exist in the present case. 3. For that the Learned CIT(A) has failed to appreciate

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. M/S. PAWAN CEMENT COMPANY PRIVATE LIMITED, GUWAHATI

In the result, both the appeals filed by the Revenue for AY

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

unexplained cash credit u/s 68 of the Act. 5. When the matter travelled before ld. CIT(A) he on observing that the addition made by ld. AO is only on the basis of the statement given during the course of search on 31.08.2016 which stands retracted by the assessee by filing an affidavit on 05.09.2016 and there being no incriminating

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, GUWAHATI vs. M/S. PAWAN CEMENT COMPANY PRIVATE LIMITED, GUWAHATI

In the result, both the appeals filed by the Revenue for AY

Bench: Sri Rajpal Yadav(Kz) & Dr. Manish Borad

unexplained cash credit u/s 68 of the Act. 5. When the matter travelled before ld. CIT(A) he on observing that the addition made by ld. AO is only on the basis of the statement given during the course of search on 31.08.2016 which stands retracted by the assessee by filing an affidavit on 05.09.2016 and there being no incriminating

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, DIBRUGARH, DIBRUGARH vs. SANTOSH BAMALWA, DIBRUGARH

In the result, appeal of the revenue is dismissed and the cross- objection filed by the assessee is allowed

Bench: Dr. Manish Borad, Hon’Ble & Shri Sonjoy Sarma, Hon’Blei.T.A. No. 104/Gty/2023 Assessment Year: 2012-13 Assistant Commissioner Of Income Smt. Santosh Bamalwa Tax, Circle-1, Dibrugarh Vs Ground Floor Mahalaya Road C/O A.K. Varma Dibrugarh - 786001 [Pan: Aedpb9900P] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) C.O. No. 34/Gty/2023 Assessment Year: 2012-13 Smt. Santosh Bamalwa Assistant Commissioner Of Income Tax, Circle-1, Dibrugarh Vs Ground Floor Mahalaya Road C/O A.K. Varma Dibrugarh - 786001 [Pan: Aedpb9900P] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri S.K. Tulsiyan, Advocate Revenue By : Shri Arun Bhowmick, Jcit, D/R सुनवाई क" तारीख/Date Of Hearing : 01/11/2023 घोषणा क" तारीख /Date Of Pronouncement: 13/12/2023 आदेश/O R D E R Per Dr. Manish Borad: The Present Appeal Filed By The Revenue & The Cross-Objection Filed By The Assessee Are Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals), Central, North-East Region, Guwahati (Hereinafter The “Ld. Cit(A)”) Dt. 14/07/2023, Passed U/S

unexplained cash credit. In appeal before the ld. CIT(A), assessee got relief on the ground that no incriminating material were found during the course of search pertaining to the alleged transaction giving rise to alleged long term capital gain and since the year under consideration is Assessment Year 2012-13 and the time limit to select the case

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised

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

unexplained cash credits received. 3. Whether a fact emanating from the statement recorded during search operation could be sufficient to initiate and complete the proceedings u/s 153A/153D of the Income Tax Act. 4. The appellant craves the leave to add/modify/alter any or all the grounds during the course of hearing/pendency of appeal.” 4. As far as the Cross Objections raised