2020 (1) TMI 1441

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndent : Shri AR.V. Sreenivasan, JCIT. ORDER Per N.R.S. Ganesan, Judicial Member: This appeal of the assessee is directed against the order passed by the Commissioner of Income Tax (Appeals)-5, Chennai dated 28.09.2018 and pertains to the assessment year 2015-16. 2. Shri R. Padmanabhan, the Ld. representative for the assessee, submitted that the assessee claimed exemption under Section ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Assessing Officer as well as the CIT(Appeals). 4. We 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. Esaar (India) Ltd. From the order of the CIT(Appeals) it appears that the assessee sold 170000 shares of M/s. Esaar (India) Ltd., and on sale of these shares, the assessee disclosed l....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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. It is not in dispute that a copy of the investig....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sh 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 opinion that the matter needs to be re-examined by t....