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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

long-term capital gains, which is exempt from tax. The modus operandi by the operators was to make the beneficiary by shares of a pre-determined penny stock company controlled by them or their group. These shares are transferred to the beneficiary at a very marginal price

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

transferred in the name of the assessee in the Books of Kappac Pharma Ltd. in the month of October 2012 (as claimed) and has been credited in the D-mat account of the assessee only in the month of February, 2014 i.e just one month before its sale in the month of March, 2014. Further that the payment against

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

Long Term - Rs.2,58,69,249/- Capital Gain (LTCG) claimed as exemption u/s. 10(38) and Short Term Capital Gain (STCG) c) Disallowance of loss from trading - Rs.20,22,293/- in commodity and F&O derivatives 2.2. In the addition and disallowance at (a) and (b) above, revenue is in appeal before the Tribunal and assessee by way of Cross