https://www.taxtmi.com/caselaws?id=297812 Exemption under section 10(38) on long-term capital gains from share sales was questioned on the basis of alleged penny stock transactions, but the investigation material relied upon was not furnished to the assessee. The record also did not show how the assessee was involved in promoting the company or inflating the share price. In these circumstances, the matter required fresh examination after supplying the relied-upon material and giving a reasonable opportunity of hearing, and it was remitted to the Assessing Officer for a fresh decision in accordance with law. en-us Tue, 03 Sep 2019 00:00:00 +0530 Thu, 23 Sep 2021 07:04:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297812 Exemption under section 10(38) on long-term capital gains from share sales was questioned on the basis of alleged penny stock transactions, but the investigation material relied upon was not furnished to the assessee. The record also did not show how the assessee was involved in promoting the company or inflating the share price. In these circumstances, the matter required fresh examination after supplying the relied-upon material and giving a reasonable opportunity of hearing, and it was remitted to the Assessing Officer for a fresh decision in accordance with law. Case-Laws Income Tax Tue, 03 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297812