2020 (3) TMI 1334

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enue. 3. It was submitted by the learned Authorized Representative that the issues in the appeal was in respect of the disallowance of the assessee's claim for exemption u/s.10(38) of the Income Tax Act, 1961. It was a submission that the assessee has made purchases of shares of M/s. Regency Trust Limited. It was a submission that 2400 shares were purchased as early as in the assessment year 2005-2006 and 1200 shares were purchased before March 2010. The shares had been held for more than five years. The shares were purchased through the Bombay Stock Exchange [BSE] for a total consideration of Rs. 15,149/- and the payments were all made through cheques. The share broker was M/s. Networth Stock Broking Limited. It was a submission that afte....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ai in I.T.A. No.1134/Chny/2019 dated 05.08.2019, as also the decision in the case of Vijay Kumar Baid [HUF] vs. The Income Tax Officer, Chennai in I.T.A. No.2300/Chny/2018 dated 24.01.2019 and the decision in the case of Smt. Nainimal Jain Anitha, Chennai in I.T.A. No.384/Chny/2019 dated 18.06.2019, wherein it has been held in para-5 as follows: "5. We have considered the rival submissions. A perusal of the assessment order clearly shows that this is not a case where the AO has been able to point out where the assessee has made a bogus claim of long term capital gains exempt u/s.10(38) of the Act. Further, perusal of the assessment order clearly shows that from page-2, para-4 to para 34, the AO has only made allegation in respect of the c....