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TMI Blog2019 (2) TMI 1640X X X X Extracts X X X X X X X X Extracts X X X X ..... company? - HELD THAT:- Admittedly, AO 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. Details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 1849/Chny/2018, ITA No. 1850/Chny/2018 - - - Dated:- 6-2-2019 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER For the Appellant : Shri D. Anand, Advocate For the Respondent : Shri AR.V. Sreenivasan, JCIT ORDER PER N.R.S. GANESAN, JUDICIAL MEMBER: Both the appeals of independent assessees are directed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n how the company in which the assessees invested is considered to be penny stock company? Therefore, the Ld.counsel submitted that the matter may be remitted back to the file of the Assessing Officer with a direction to furnish a copy of the investigation report said to be received from the Investigation Wing of the Department at Kolkata and to decide the issue afresh thereafter in accordance wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsidered opinion that the Assessing Officer has to reconsider the issue afresh after furnishing the material relied upon by the Assessing Officer. Accordingly, the orders of both the authorities below are set aside and the entire issue is remitted back to the file of the Assessing Officer. The Assessing Officer shall bring on record the role of the assessees in promoting the company and the relati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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