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2019 (12) TMI 455 - ITAT CHENNAIReopening of assessment - Exemption u/s 10(38) - sale of Long term shares - AO held that the assessee had manipulated the sale of shares within a short span of time in collusion with the borkers in order to earn tax free exempt LTCG and the assessee has not proved the genuiness of transactions - HELD THAT:- Since, the assessee has taken a plea that the reasons recorded for reopening is not given to the assessee, we restore the matter to the Assessing Officer to intimate the reasons for reopening the assessment and thereafter comply in accordance with the Hon’ble Supreme Court’s decision in the case of GKN DRIVESHAFTS (INDIA) LTD. VERSUS INCOME-TAX OFFICER AND OTHERS [2002 (11) TMI 7 - SUPREME COURT]. The Assessing Officer shall require the assessee to establish who, with whom, how and in what circumstances the impugned transactions were carried out etc., to prove that the impugned transactions are actual, genuine etc. The assessee shall comply with the Assessing Officer’s requirements as per law - the assessee’s appeal is treated as partly allowed for statistical purposes.
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