2019 (1) TMI 261

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.... appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-13, Chennai, and pertains to the AY 2015-16. 2. Shri M.Karunakaran, Ld. Representative of the assessee submitted that the assessee purchased and sold the shares of M/s.Kailash Auto Finance Ltd., and the capital gains were claimed as exemption u/s.10(38) of the Act. However, the AO by placing reliance....

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....the Investigation Report said to be received by the AO from Investigation Wing Department at Kolkata. Admittedly, the report of the Investigation Wing at Kolkata was not furnished to the assessee. Moreover, it is not known, how the Department is claiming M/s.Kailash Auto Finance Ltd., is a Penny Stock Company. We have to ascertain who authorized the registration of such company, which is a Public ....