TMI Blog2019 (6) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... On identical circumstances, this Tribunal in the case of Kanhaiyalal Sons (HUF) v. ITO [ 2019 (2) TMI 1640 - ITAT CHENNAI] has remitted back the matter to the file of the Assessing Officer for reconsideration. This Tribunal is of the considered opinion that the matter needs to be re-examined by the AO. Accordingly, orders of both the authorities below are set aside and the issue raised by the assessee with regard to deduction under Section 10(38) of the Act is remitted back to the file of the Assessing Officer - Decided in favour of assessee for statistical purposes. - ITA No.2637/Chny/2018, ITA No.2638/Chny/2018, ITA Nos.2639, 2640 & 2641/Chny/2018, ITA No.2642/Chny/2018, ITA No.2643/Chny/2018, ITA No.2644/Chny/2018, ITA No.2645/C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ental Representative, submitted that he is placing reliance on the orders of the Assessing Officer as well as the CIT(Appeals). 4. We have considered the rival submissions on either side and perused the relevant material available on record. The assessees made investments in the shares, sold the same in due course and disclosed long term capital gains on the sale of these shares, as shown in the following table: Name of the assessee Assessment year No. of shares sold Amount received on sale of shares ₹ Long Term Capital Gain claimed under Section 10(38) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... M/s Blue Print Securities Ltd. 10,37,249/- 10,74,400/- Smt. Nita Devi 2010-11 3500 shares of M/s Bakra Prathisthan Ltd. 10,57,500/- 9,92,868/- Rita Dilipkumar 2010-11 3000 shares of M/s Bakra Prathisthan Ltd. 10,57,499/- 10,57,499/- Shri Jugraj Nathmal 2012-13 3000 shares of M/s Blue Print Securities Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by the assessees in the penny stock company. It is not in dispute that a copy of the investigation report said to be received from Kolkata was not furnished to the assessee. Moreover, details of the enquiries said to be made by the Assessing Officer were also not furnished to the assessees. In those circumstances, this Tribunal is of the considered opinion that the Assessing Officer has to reconsider the issue afresh after furnishing the material relied upon 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 assessees in promoting the company and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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