2019 (8) TMI 1703

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....r, Addl.CIT ORDER PER GEORGE MATHAN, JUDICIAL MEMBER: This is an appeal filed by the assessee against the Order of the Commissioner of Income Tax (Appeals)-12, Chennai, in ITA No.77/CIT(A)- 12/2017-18 dated 22.03.2019 for the AY 2012-13. 2. Shri R.Clement Ramesh Kumar, Addl.CIT, represented on behalf of the Revenue and Shri D.Anand, Adv., represented on behalf of the assessee. 3. It was submi....

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.... in respect of the transactions done online held that that the same were liable to be held as genuine. It was a submission that this was not the case of penny stock but this was a regular transaction done by the assessee. The Ld.AR placed reliance on the decision of the co-ordinate Bench of this Tribunal in the case of Shri Ashwin Kumar Davey vs. ITO, Chennai, in ITA No.2299/Chny/2017 dated 18.12.....

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....ase. Neither is the assessee's name coming out in the Investigation report, which has been received by the ld. Assessing Officer from Directorate of Investigation, Kolkata. This being so, the claim of assessee cannot be disallowed merely on presumptions and the ld. Assessing Officer is directed to grant the assessee benefit of exemption u/s.10(38) of the Act as claimed in respect of long term capi....