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

long-term capital gain earned by Shri Pramod Kumar Bamalwa and others belonging to the Nemichand Bamalwa & Sons Group were quantified to Rs.97,66,74,038/-, whereas during the course of assessment, bogus capital gain claim has been quantified to Rs.64,48,50,444/-. Thus the Department was not having complete list even for confronting any of the assessees

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