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2021 (9) TMI 322 - HC - Income TaxExemption u/s 10(38) - no material on record to establish the genuineness of the purchase of shares - penny stock purchases - Role of the assessee in promoting a company, the relation of the assessee with that of the promoter and the role of inflating of prices, etc. - Tribunal remitting the issue back to the file of the Assessing Officer by quoting the decision in the case of Kanhaiyal & Sons (HUF) [2019 (2) TMI 1640 - ITAT CHENNAI] wherein the onus has been shifted to the Revenue with a direction that the Assessing Officer is to bring on record the role of the assessee in promoting the company and the relation of the assessee if any with that of the promoters and role of inflating of prices etc., which exercise had already been done by the Assessing Officer and the SEBI HELD THAT:- Identical issue was considered by this Court in several other matters where the Tribunal followed the said decision and the Court allowed the appeal filed by the Revenue, which judgment had become final. One such decision is in the case of CIT Vs. Manish D.Jain (HUF) [2020 (12) TMI 740 - MADRAS HIGH COURT] to which, one of us (TSSJ) was a party. The above substantial question of law raised in this appeal is identical to that of the question raised in the said case. - The issue has already been decided in favor of revenue by this HC. Since the above legal position fully covers the issue in the case on hand, no useful purpose will be served in ordering notice to the respondent and more particularly when the above legal position attained finality and the assessee therein or any other assessee, whose case was dealt with in similar matter had filed any appeal. - Order of ITAT set aside and order of CIT(A) restored - Decided in favour of revenue.
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