TMI Blog2019 (9) TMI 1473X X X X Extracts X X X X X X X X Extracts X X X X ..... de and the issue raised by the assessee with regard to deduction u/s 10(38) of the Act is remitted back to the file of the AO. AO shall examine the matter as directed by this Tribunal in the case of Kanhaiyalal Sons (HUF) [ 2019 (2) TMI 1640 - ITAT CHENNAI ] and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. - TA No.2982/Chny ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Assessing Officer mainly placed his reliance on the investigation report of Directorate of Investigation, Kolkata. According to the Ld. representative, a copy of the said investigation report was not furnished to the assessee. Therefore, the Ld. representative submitted that an opportunity may be given to the assessee by remitting back the matter to the file of the Assessing Officer. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is involved in promoting the penny stock company and how the assessee involved in inflating the shares of the company. Moreover, the copy of the investigation report said to be received from the Investigation Wing of the Department at Kolkata was not furnished to the assessee. On identical circumstances, this Tribunal in the case of Kanhaiyalal Sons (HUF) v. ITO in I.T.A. No.1849/Chny/20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal 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 com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer. The Assessing Officer shall examine the matter as directed by this Tribunal in the case of Kanhaiyalal Sons (HUF) (supra) and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. 6. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounced in the court on 4th September, 2019 at Ch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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