2019 (7) TMI 1764

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....r Raha, JCIT ORDER This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-5, Chennai, dated 10.08.2018 and pertains to assessment year 2014-15. 2. Shri P. Uttamchand Jain, 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 resp....

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....cer as well as the CIT(Appeals). 4. I heard the Ld. representative for the assessee and the Ld. D.R. and perused the relevant material available on record. The assessee made investments in the shares of M/s Kailash Auto Finance Ltd. From the order of the Assessing Officer it appears that the assessee purchased 1,00,000 shares of M/s Kailash Auto Finance Ltd. and sold the same for a total consid....

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....ation. In fact, this Tribunal has observed at para 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 t....

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....e 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." 5. In view of the above....