https://www.taxtmi.com/caselaws?id=381525 The Tribunal remitted the issue back to the Assessing Officer for reconsideration in an appeal concerning the disallowance of long term capital gains on shares sold by assessees due to investment in penny stock companies. The Tribunal emphasized the need for the Assessing Officer to establish the assessees' involvement in promoting the companies and share price inflation, directing the provision of the investigation report and relevant materials. The lower authorities' orders were set aside, and the Assessing Officer was instructed to decide the matter afresh, providing a fair opportunity to the assessees. All appeals were allowed for statistical purposes. en-us Fri, 07 Jun 2019 00:00:00 +0530 Tue, 11 Jun 2019 20:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381525 The Tribunal remitted the issue back to the Assessing Officer for reconsideration in an appeal concerning the disallowance of long term capital gains on shares sold by assessees due to investment in penny stock companies. The Tribunal emphasized the need for the Assessing Officer to establish the assessees' involvement in promoting the companies and share price inflation, directing the provision of the investigation report and relevant materials. The lower authorities' orders were set aside, and the Assessing Officer was instructed to decide the matter afresh, providing a fair opportunity to the assessees. All appeals were allowed for statistical purposes. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381525