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TMI Blog2019 (7) TMI 1764X X X X Extracts X X X X X X X X Extracts X X X X ..... reconsideration. 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 - Appeal filed by the assessee is allowed for statistical purposes. - ITA No. 3115/Chny/2018 - - - Dated:- 22-7-2019 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER For the Appellant : Shri P. Uttamchand Jain, CA For the Respondent : Shri Sanath Kumar Raha, JCIT ORDER This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,949/-. The assessee disclosed long term capital gains on the sale of these shares to the extent of ₹ 40,57,000/-. 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 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) v. ITO in I.T.A. No.1849/Chny/2018, has remitted back the matter to the file of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide the issue afresh in accordance with law, after giving a reasonable opportunity 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 examine the matter as directed by this Tribunal in the case of Kanhaiyalal Sons (HUF) (supra) and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. 6. In the result, the appeal filed by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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