2018 (12) TMI 1652

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.... B. Sagadevan, 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 09.05.2018 and pertains to assessment year 2011-12. 2. Shri T. Vasudevan, the Ld.counsel for the assessee, submitted that the Assessing Officer, after reopening the assessment under Section 147 of the Income-tax ....

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....nd that the assessee has not properly disclosed the long term capital gains. Therefore, according to the Ld. counsel, the Assessing Officer found that reassessment is invalid. Since the assessee has invested in the shares of M/s Concrete Credit Limited through a share broker, according to the Ld. counsel, the assessee has rightly claimed exemption under Section 10(38) of the Act. 4. We heard Shr....

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.... term capital gain from the date of conversion of shares into Demat. 5. We have considered the rival submissions on either side and perused the relevant material available on record. Admittedly, the Assessing Officer received information from Investigation Wing of the Department at Kolkata with regard to investment of the assessee in penny stock company, namely, M/s Concrete Credit Limited. The ....

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.... shares, etc. In those circumstances, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. Accordingly, the orders of both the authorities below are set aside and the entire issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall bring on record the role of the assessee in promoting the company and relationshi....