TMI Blog2018 (12) TMI 1652X X X X Extracts X X X X X X X X Extracts X X X X ..... ght on record the role of the assessee in promoting the company, namely, M/s Concrete Credit Limited, issue of public shares, inflation of price of shares, etc. In those circumstances, this Tribunal is of the considered opinion that the matter needs to be re-examined by the AO. Accordingly, the orders of both the authorities below are set aside and the entire issue is remitted back to the file of the AO. AO shall 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. AO shall also furnish a copy of the report said to be received from the Investigation Wing of the Department at Kolkata to the assessee and thereafte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rofit on sale of shares has to be assessed as short term capital gain. However, the Assessing Officer reopened the assessment on the ground that the assessee has not properly disclosed the long term capital gains. Therefore, according to the Ld. counsel, the Assessing Officer found that reassessment is invalid. Since the assessee has invested in the shares of M/s Concrete Credit Limited through a share broker, according to the Ld. counsel, the assessee has rightly claimed exemption under Section 10(38) of the Act. 4. We heard Shri B. Sagadevan, the Ld. Departmental Representative. According to the Ld. D.R., the Assessing Officer received information from the Investigation Wing of the Department at Kolkata regarding the investment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnished to the assessee. It is not brought on record the relationship of the assessee with the promoters of M/s Concrete Credit Limited. It is also not brought on record the role of the assessee in promoting the company, namely, M/s Concrete Credit Limited, issue of public shares, inflation of price of shares, etc. In those circumstances, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. Accordingly, the orders of both the authorities below are set aside and the entire issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall bring on record the role of the assessee in promoting the company and relationship of the assessee with other promoters, role of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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