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2022 (5) TMI 1625 - AT - Income TaxBogus LTCG - unexplained profit on sale of shares of shares - unexplained credit u/s. 68 - claim of exemption u/s. 10(38) rejected by holding the sale of shares as penny stocks - HELD THAT:- As noticed that in the case of penny stock, we are consistently taking a view, where the SEBI report and the report of the Investigation Wing of Kolkata & Delhi or any other report was not confronted to the assessee, the matter is being restored back to the file of the AO for confronting the material gathered and used against the assessee. Similar view in the cases of SMT. VANDANA JAIN, MR. RAJ KUMAR JAIN, RAJ KUMAR JAIN HUF, and SMT. MITHU KUMARI RANKA [2022 (4) TMI 893 - ITAT CHENNAI], As in the present case before us, the material gathered during the course of investigation was never confronted to the assessee. Hence, taking a consistent view, as taken we remit the issue back to the file of the AO exactly on similar directions. Appeal filed by the assessee is allowed for statistical purposes.
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