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TMI Blog2019 (1) TMI 261X X X X Extracts X X X X X X X X Extracts X X X X ..... Company - Held that:- It is not known, how the Department is claiming M/s.Kailash Auto Finance Ltd., is a Penny Stock Company. We have to ascertain who authorized the registration of such company, which is a Public Limited Company, and who authorized for listing of such company in the Stock Exchange. Blaming the innocent investor, as if, he invested in the Penny Stock Company may not serve any pur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sagadevan, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-13, Chennai, and pertains to the AY 2015-16. 2. Shri M.Karunakaran, Ld. Representative of the assessee submitted that the assessee purchased and sold the shares of M/s.Kailash Auto Finance Ltd., and the capital gains we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that it is not in dispute that the claim of the assessee was disallowed on the basis of the Investigation Report said to be received by the AO from Investigation Wing Department at Kolkata. Admittedly, the report of the Investigation Wing at Kolkata was not furnished to the assessee. Moreover, it is not known, how the Department is claiming M/s.Kailash Auto Finance Ltd., is a Penny Stock Company. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter is remitted back to the file of the AO. The AO shall furnish all copies of the materials including Investigation Reports said to be received from Investigation Wing, Kolkata, to the assessee and thereafter bring on record, how these companies were allowed to register by the Registrar of Companies and how they are allowed to issue public shares inviting the general public to invest their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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