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TMI Blog2018 (2) TMI 1743X X X X Extracts X X X X X X X X Extracts X X X X ..... to be recorded from Shri Ashok Kumar Kayan was not furnished to the assessee. It is also not known whether the purchase price of the shares was paid by cheque or by cash. AO observed that the assessee did not disclose the mode of payment of purchase price. In those circumstances, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the Assessing Officer. Accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pleted the assessment hurriedly without giving any opportunity to the assessee. According to the Ld. counsel, the assessment was made on the basis of the statement said to be recorded from one Shri Ashok Kumar Kayan, who is a share broker. However, the said statement was not furnished to the assessee. According to the Ld. counsel, a copy of the statement has to be furnished to the assessee. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;). The Ld. D.R. further submitted that the assessee has invested in the shares of Bakra Pratishtan Limited, which is a penny stock. The shares of Bakra Pratishtan Limited were transferred in the name of the assessee. The purchase price of shares was _ 10/- each. In fact, according to the Ld. D.R., the shares were dematerialized and sold at the rate of _352.50 per share. Therefore, according to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly, the orders of both the authorities below are set aside and the entire issue raised by the assessee is remitted back to the file of the Assessing Officer. The Assessing Officer shall furnish a copy of the statement said to be recorded from Shri Ashok Kumar Kayan to the assessee. The assessee shall also disclose the mode of payment of purchase price for purchasing the shares of Bakra Prat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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