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TMI Blog2020 (1) TMI 1441X X X X Extracts X X X X X X X X Extracts X X X X ..... ny 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 back the matter to the file of the Assessing Officer for 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e orders 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 assessee made investments in the shares of M/s. Esaar (India) Ltd. From the order of the CIT(Appeals) it appears that the assessee sold 170000 shares of M/s. Esaar (India) Ltd., and on sale of these shares, the assessee disclosed long term capital gains to the extent of ₹53,66,918/- 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 inflati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany and the relationship of the assessees, if any with the promoters, role of the assessees in inflating the price of shares, etc. The Assessing Officer shall also furnish a copy of the investigation report said to be received from the Investigation Wing of the Department at Kolkata and other materials if anything in his possession and thereafter decide 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 Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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