2018 (2) TMI 1743

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....Sahadevan, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) -5, Chennai, dated 15.09.2017 and pertains to assessment year 2010-11. 2. Ms. Sushma Harini, the Ld.counsel for the assessee, submitted that the Assessing Officer completed the assessment hurriedly without giving any opportunit....

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.... at CSE. Shri Ashok Kumar Kayan is a penny stock broker of the BSE and CSE. According to the Ld. D.R., the assessee is also one of the persons invested in penny stock. The assessee claimed long term capital gains to the extent of _16,62,500/- and claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act'). The Ld. D.R. further submitted that the assessee has inv....

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....see. It is also not known whether the purchase price of the shares was paid by cheque or by cash. The Assessing Officer observed that the assessee did not disclose the mode of payment of purchase price. In those circumstances, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Assessing Officer. Accordingly, the orders of both the authorities below are set a....