2019 (11) TMI 1627

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....JCIT ORDER N.R.S. GANESAN, J. This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) -5, Chennai, dated 30.11.2018 and pertains to assessment year 2013-14. 2. Shri Kaushik, the Ld.counsel for the assessee, submitted that the assessee claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act') in res....

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....eals). 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 Turbo Tech Engineering Ltd. From the order of the CIT(Appeals) it appears that the assessee sold 11000 shares of M/s Turbo Tech Engineering Ltd. and on sale of these shares, the assessee disclosed long term capital gains....

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.... "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 investigation report s....

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.... 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 the Assess....