TaxTMI 
TaxTMI 
2019 (7) TMI 1858
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....Income Tax (Appeals)-5, Chennai, dated 28.12.2018 and pertains to assessment year 2014-15. 2. Shri R. Padmanabhan, 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 respect of long term capital gains arising out of sale of shares to the extent of Rs.39,80,018/-. In fact, acco....
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.... relevant material available on record. The assessee made investments in the shares of M/s Esaar (India) Ltd. From the order of the Assessing Officer it appears that the assessee purchased 10,000 shares of M/s Esaar (India) Ltd. at the rate of Rs.1/- per share and on sale of these shares, the assessee disclosed long term capital gains on the sale of these shares to the extent of Rs.39,80,018/....
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.... 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 said to be received from Kolkata was no....
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....e 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 Assessing Officer. Accordingly, orders of bot....