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TMI Blog2019 (11) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... ved in promoting the penny stock company and how the assessee involved in inflating the shares of the company. Moreover, the copy of the investigation report said to be received from the 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) [ 2019 (2) TMI 1640 - ITAT CHENNAI ] has remitted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2015-16. 2. Shri D. Anand, the Ld.counsel for the assessee, submitted that the assessee claimed exemption under Section 10(38) of the Income-tax Act, 1961 (in short 'the Act') in respect of long term capital gains arising out of sale of shares to the extent of ₹50,45,800/-. In fact, according to the Ld. counsel, the assessee invested in shares of M/s GCM Securities Ltd. The Ld. coun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT(Appeals) it appears that the assessee sold 6000 shares of M/s GCM Securities Ltd. and on sale of these shares, the assessee disclosed long term capital gains to the extent of ₹50,45,800/-. This was disallowed by the Assessing Officer on the ground that the company in which the assessee invested is a penny stock company. However, it is not brought on record how the assessee is involved in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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. Moreover, details of the enquiries said to be made by the Assessing Officer were also not furnished to the assessees. In those circumstances, this Tribunal is of the considered opin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity to the assessees. 5. In view of the above, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. Accordingly, orders of both the authorities below are set aside and the issue raised by the assessee with regard to deduction under Section 10(38) of the Act is remitted back to the file of the Assessing Officer. The Assessing Officer shall exa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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