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2022 (4) TMI 893 - AT - Income TaxAddition u/s 68 - Non compliance of provisions of section 142(3) - bogus sale consideration received on sale of shares of listed companies - Denial of claim of exemption u/s 10(38) and commission paid on the sale transaction - HELD THAT:- On material made available to the assessee vis-à-vis provisions of section 142(3) of the Act which casts a mandatory statutory procedural compliance requirement on the Ld. AO in completing the assessment proceedings which otherwise may vitiate the assessment itself, it necessitates us to remand back the present case to the Assessing Officer for its appropriate adjudication by respectfully considering the observation made by the Hon’ble Madras High Court in case of Mrs. Manish D. Jain (HUF) [2020 (12) TMI 740 - MADRAS HIGH COURT] on the availability of material to the assessee. Thus respectfully following the directions given in Para 8 in the judgment of Hon’ble Karnataka High Court in the case of Chandra Devi Kothari [2015 (2) TMI 1313 - KARNATAKA HIGH COURT] and the order of co-ordinate bench of ITAT, Bangalore in the case of Shri Suresh J. Kothari (HUF) [2019 (7) TMI 1918 - ITAT BANGALORE] we set aside the impugned order passed by Ld. CIT(A) and Ld. AO and restore the matter back to the file of the Ld. AO with the direction to comply with the mandatory statutory requirements of section 142(3) of the Act failing which may vitiate the assessment itself. AO has to reconsider the issue afresh after furnishing to the assessee all the material relied upon by him/her while passing the assessment order. Appeal of the assessee is allowed for statistical purpose
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