2019 (7) TMI 1718

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....nbsp;This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-5, Chennai, dated 14.08.2018 and pertains to assessment year 2014-15. 2. Shri U. Deepak Kumar, the Ld. representative for the assessee, submitted that the assessee claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act') in respect of long term capita....

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....ppeals). 4. I have considered the rival submissions on either side and perused the relevant material available on record. The assessee made investments in the shares of M/s Nikki Global Finance Ltd. From the order of the Assessing Officer it appears that the assessee purchased 2500 shares of M/s Nikki Global Finance Ltd. and sold the same for a total consideration of Rs.21,05,955/-. The assesse....

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....ra 4 of its order dated 06.02.2019 as follows:-  "4. We heard Shri AR.V. Sreenivasan, the Ld. Departmental Representative also. Admittedly, the Assessing Officer disallowed the claim of the assessees on the basis of the information said to be received from the Investigation Wing of the Department at Kolkata with regard to investment made by the assessees in the penny stock company. I....

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....es, 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." 5. In view of the above, this Tribunal is of the considered opini....