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TMI Blog2019 (9) TMI 1589X X X X Extracts X X X X X X X X Extracts X X X X ..... eal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) -5, Chennai, dated 29.06.2018 and pertains to assessment year 2015-16. 2. Shri N. Arjun Raj, 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. representative for the assessee and the Ld. D.R. and perused the relevant material available on record. The assessee purchased 1,00,000 shares of M/s Kailash Auto Finance Ltd. and the assessee disclosed long term capital gains on the sale of these shares to the extent of Rs. 19,17,191/-. This was disallowed by the Assessing Officer on the ground that the company in which the assessee invested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssees 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 enquiries said to be made by the Assessing Officer were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 the assessee with regard to deduction under Section 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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