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TMI Blog2019 (1) TMI 1459X X X X Extracts X X X X X X X X Extracts X X X X ..... the lower authorities. Such orders are set aide and the addition is deleted. - Decided in favour of assessee - I.T.A. No.2300/CHNY/2018 - - - Dated:- 24-1-2019 - Shri Abraham P. George, Accountant Member For the Appellant : Shri. D Anand, Advocate For the Respondent : Shri. B.Sagadevan, IRS, JCIT. ORDER In this appeal filed by the assessee, which is directed against an order dated 14.06.2018 of ld. Commissioner of Income Tax (Appeals)-5, Chennai, it is aggrieved on disallowance of exemption claimed u/s.10(38) of the Income Tax Act, 1961 (in short the Act ) on capital gains earned by him from sale of 30,000 shares in one M/s. Splash Media Infro Ltd (in short SMIL ). 2. Ld. Counsel for the assessee submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arket transactions through recognized stock exchanges. Reliance was placed on a decision of Co-ordinate Bench in the case of Nirav Kumar Mahendra Kumar Sapani vs. DCIT (ITA No.2032/Mds/2017, dated 08.02.2018). 3. Per contra, ld. Departmental Representative submitted that in similar cases, this Tribunal was sending the question of taxing the capital gains arising out of sale of shares, back to the ld. Assessing Officer for reconsideration. As per the ld. Departmental Representative, there was nothing on record which could suggest a different methodology in this case. Reliance was placed on a decision of Co-ordinate Bench in the case of Heerachand Kanunga vs. ITO (ITA No.2786 2787/CHNY/2017, dated 03.05.2018). 4. I have considered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ni (supra) this Tribunal had held as under:- 5. We have considered the rival submissions on either side and perused the relevant material available on record. The purchase of shares of Swaca Business Machines Ltd. by both the assessees was evidenced by way of Contract Note issued by the recognised stock broker ASE Capital Markets Ltd. It is not in dispute that ASE Capital Markets Ltd. is one of the recognised stock brokers by Security Exchange Board of India. The shares were also sold through ASE Capital Markets Ltd. The Contract Notes for purchase and sale of shares were filed by both the assessees before the Assessing Officer at the time of assessment proceeding. The assessment proceedings were completed on the ground that one Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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