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2019 (1) TMI 1622 - AT - Income TaxBogus LTCG - Disallowance of exemptions claimed u/s.10(38) - HELD THAT:- The issue is restored to the file of ld. Assessing Officer for re-adjudication on identical directions as given in the case of Heerachand Kanunga [2018 (6) TMI 1329 - ITAT CHENNAI] . AO shall also bring on record the role of the assessee in promoting the company and relationship of the assessee with other promoters, role of the assessee in inflating the price of shares, etc. as had been held by the Co-ordinate Bench of this Tribunal in the case of Shri Aravind Nandlal Khatri Vs. I.T.O [2018 (12) TMI 1652 - ITAT CHENNAI] . AO shall keep in mind the directions of Pr.CIT Vs. M/s.Laxman Industrial Resources Ltd.[2017 (3) TMI 1521 - DELHI HIGH COURT] when re-adjudicating the issue. The issues in both the appeals of assessee mentioned in the title are restored to the file of ld. Assessing Officer for re-adjudication after granting the assessee adequate opportunity of being heard. - Decided in favour of assessee for statistical purposes.
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