9911796707
TMI Blog2019 (12) TMI 1470X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) -5, Chennai, dated 21.03.2018 and pertains to assessment year 2010-11. 2. Shri I. Dinesh, the Ld.counsel 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ither side and perused the relevant material available on record. The assessee purchased 5680 shares of M/s Bakra Pratisthan Ltd. From the order of the CIT(Appeals) it appears that the assessee sold the shares of M/s Bakra Pratisthan Ltd. and on sale of these shares, the assessee disclosed long term capital gains to the extent of Rs.20,02,200/-. This was disallowed by the Assessing Officer on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 furnished to the assessee. Moreover, details of the en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata 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 authorities below are set aside and the issue raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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