2014 (6) TMI 322

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....s is assessee's appeal against CIT(A)-XVII, New Delhi's order dated 7-10-2010 in appeal no. 125/CIT(A) XVII/Del/08-09 relating to A.Y. 2006-07. Sole ground raised is as under: "That on facts and in the circumstances in denying the exemption u/s 10(38) of the Income-tax Act, 1961 on account of long term capital gains on sale of shares by treating the amount of sale consideration in a sum of Rs. ....

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....s failed to substantiate its claim of long term capital gain declared by it. M/s Netai Chand Seal was not an active member of Calcutta Stock Exchange as per confirmation received from Calcutta Stock Exchange. The assessee is taking different stands at different stages. The assessee was unable to give an evidence in respect of investment made by the assessee though specifically asked for vide order....

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.... never been communicated to the assessee. 2.2. Aggrieved, assessee is before us. 3. Ld. Counsel for the assessee assails the impugned order on following points: (i) It is not clear as to what is being questioned by the assessing officer. Whether, the purchase of shares or sale of shares. (ii) If the purchase of share is being questioned in that case the same cannot be done in the impug....