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The ITAT set aside the order denying exemption of long-term capital gains under section 10(38) in respect of penny stock transactions due to non-compliance with principles of natural justice. The Revenue failed to provide the assessee with the purported "credible information" and the list of penny stock shares relied upon, thereby depriving the assessee of an opportunity to effectively represent its case. Recognizing that income tax proceedings are welfare legislation and must adhere to natural justice, the Tribunal held that the assessee's right to fair hearing was infringed. Consequently, the matter was remanded to the file of the CIT(A)-NFAC for de novo adjudication in accordance with law. The appeal was allowed for statistical purposes.
The ITAT set aside the order denying exemption of long-term capital gains under section 10(38) in respect of penny stock transactions due to non-compliance with principles of natural justice. The Revenue failed to provide the assessee with the purported "credible information" and the list of penny stock shares relied upon, thereby depriving the assessee of an opportunity to effectively represent its case. Recognizing that income tax proceedings are welfare legislation and must adhere to natural justice, the Tribunal held that the assessee's right to fair hearing was infringed. Consequently, the matter was remanded to the file of the CIT(A)-NFAC for de novo adjudication in accordance with law. The appeal was allowed for statistical purposes.
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