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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

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

2. The A.O. had also referred to his examination of price movement in the shares of Twenty First Century (India) Ltd.. The A.O. tried to give a color of ingenuity to the increase in prices of shares of Twenty First Century (India) Ltd. by trying to correlate it with the low income and fundamentals of the company

KAUSHIK INDUSTRIES (P) LIMITED,TINSUKIA vs. INCOME TAX OFFICER, WARD-1, TINSUKIA

In the result, appeal of the assessee is allowed

Bench: Shri Sanjay Garg & Shri Girish Agrawal

reassessment proceedings u/s. 148. The assessment order giving effect to the order of Ld. Pr. CIT will still be an order passed u/s. 147 read with sec. 143(3) read with section 263 of the Act. This exercise at the end of Ld. AO will be a futile exercise only. Thus, considering this scenario, the contentions of the Ld. Counsel

AMIT KUMAR,DELHI vs. INCOME TAX OFFICER, WARD 1(1), GUWAHATI, INCOME TAS OFFICER

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

reassessment proceedings was to be upheld - Held, yes [Para 10] [In favour of revenue]” In the case of Reena Jain reported in 174 taxmann.com 849 (Calcutta). The head notes read as under: “Where Assessing Officer reopened assessment on ground that assessee had received accommodation entry of bogus LTCG from penny stock, since Assessing Officer had taken note of ITBA data

AMIT KUMAR,DELHI vs. INCOME TAX OFFICER, WARD 1(1), GUWAHATI, INCOME TAX OFFICER

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

reassessment proceedings was to be upheld - Held, yes [Para 10] [In favour of revenue]” In the case of Reena Jain reported in 174 taxmann.com 849 (Calcutta). The head notes read as under: “Where Assessing Officer reopened assessment on ground that assessee had received accommodation entry of bogus LTCG from penny stock, since Assessing Officer had taken note of ITBA data