9911796707
TMI Blog2019 (9) TMI 1473X X X X Extracts X X X X X X X X Extracts X X X X ..... directed against the order of the Commissioner of Income Tax (Appeals)-5, Chennai, dated 07.08.2018 and pertains to assessment year 2012-13. 2. Shri N. Vijay Kumar, the Ld. representative for the assessee, submitted that the assessee claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act') in respect of long term capital gains arising out of sale of shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee and the Ld. D.R. and perused the relevant material available on record. The assessee made investments in the shares of M/s Dhanlabh Merchandise Ltd. From the order of the Assessing Officer it appears that the assessee purchased 450 shares of M/s Dhanlabh Merchandise Ltd. and on sale of these shares, the assessee disclosed long term capital gains to the extent of Rs.14,93,624/-. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. Departmental Representative also. Admittedly, the Assessing Officer disallowed the claim of the assessees on the basis of the information said to be received from the Investigation Wing of the Department at Kolkata with regard to investment made 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 fu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved from the Investigation Wing of the Department at Kolkata and other materials if anything in his possession and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessees." 5. In view of the above, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. Accordingly, orders of both the au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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