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2019 (2) TMI 1640 - AT - Income TaxExemption u/s 10(38) denied - Bogus LTCG - Addition based on information said to be received from the Investigation Wing of the Department at Kolkata - whether the company in which the assessees invested is considered to be penny stock company? - HELD THAT:- Admittedly, AO 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 not furnished to the assessee. Details of the enquiries said to be made by the Assessing Officer were also not furnished to the assessees. Tribunal is of the considered opinion that the Assessing Officer has to reconsider the issue afresh after furnishing the material relied upon by the Assessing Officer. Assessing Officer shall bring on record the role of the assessees in promoting the company and the relationship of the assessees, if any with the promoters, role of the assessees in inflating the price of shares, etc. AO shall also furnish a copy 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 - Decided in favour of assessee for statistical purposes.
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