2019 (6) TMI 602

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....makrishnan, FCA For the Respondent : Shri R. Clement Ramesh Kumar, Addl.CIT ORDER PER BENCH: The appeals filed by independent assessees are directed against the respective orders of the Commissioner of Income Tax (Appeals)-5, Chennai. Since common issue arises for consideration in all these appeals, we heard these appeals together and disposing of the same by this common order. 2. Sh. B. Ramakrishnan, the Ld. representative for the assessees, submitted that the assessees claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act') in respect of long term capital gains arising out of the shares sold by them. The Ld. representative further submitted that the Assessing Officer mainly placed his reliance ....

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....hares of M/s Bakra Prathisthan Ltd. 10,69,000/- 10,69,000/- Shri Sandeep Kumar 2010-11 3000 shares of M/s Bakra Prathisthan Ltd. 7,40,250/- 7,40,250/- Smt. Manjudevi Nathmal 2012-13 3500 shares of M/s Blue Print Securities Ltd. 10,37,249/- 10,74,400/- Smt. Nita Devi 2010-11 3500 shares of M/s Bakra Prathisthan Ltd. 10,57,500/- 9,92,868/- Rita Dilipkumar 2010-11 3000 shares of M/s Bakra Prathisthan Ltd. 10,57,499/- 10,57,499/- Shri Jugraj Nathmal 2012-13 3000 shares of M/s Blue Print Securities Ltd. 10,74,325/- 10,37,249/- Smt. Leela Devi 2013-14 3500 shares of M/s Blue Print Securities Ltd. 10,81,087/- 10,46,087/- The Long term capital gains claimed by the assessees under Section 10....

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....urnishing the material relied upon 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 assessees in promoting the company and the relationship of the assessees, if any with the promoters, role of the assessees in inflating the price of shares, etc. The Assessing Officer shall also furnish a copy of the investigation report said to be received from the Investigation Wing of the Department at Kolkata and other materials if anything in his possession and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessees.....