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TMI Blog2019 (6) TMI 602X X X X Extracts X X X X X X X X Extracts X X X X ..... not brought on record how the assessees are involved in promoting the penny stock companies and how the assessees involved in inflating the shares of the companies. Moreover, the copy of the investigation report said to be received from Investigation Wing of the Department at Kolkata was not furnished to the assessee. On identical circumstances, this Tribunal in the case of Kanhaiyalal Sons (HUF) v. ITO [ 2019 (2) TMI 1640 - ITAT CHENNAI] has remitted back the matter to the file of the Assessing Officer for reconsideration. This Tribunal is of the considered opinion that the matter needs to be re-examined by the AO. Accordingly, orders of both the authorities below are set aside and the issue raised by the assessee with regard to deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Assessing Officer as well as the CIT(Appeals). 4. We have considered the rival submissions on either side and perused the relevant material available on record. The assessees made investments in the shares, sold the same in due course and disclosed long term capital gains on the sale of these shares, as shown in the following table: Name of the assessee Assessment year No. of shares sold Amount received on sale of shares ₹ Long Term Capital Gain claimed under Section 10(38) ₹ Smt. Usha Devi 2010-11 3000 shares of M/s Bakra Prathisthan Ltd. 10.57,500/- 10.57,500/- Smt. Nirmala Devi Suresh Kumar 2013-14 3500 shares of M/s Blue Print Securities Ltd. 4,60,425/- 4,44,502/- Smt. M. Bhagyawanti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On identical circumstances, this Tribunal in the case of Kanhaiyalal & Sons (HUF) v. ITO in I.T.A. No.1849/Chny/2018, has remitted back the matter to the file of the Assessing Officer for reconsideration. In fact, this Tribunal has observed at para 4 of its order dated 06.02.2019 as follows:- "4. We heard Shri AR.V. Sreenivasan, the Ld. Departmental Representative also. Admittedly, the Assessing Officer 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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