9911796707
TMI Blog2019 (7) TMI 1918X X X X Extracts X X X X X X X X Extracts X X X X ..... ngalore Tribunal in assessee s brother case named Sri Vinod Kothari (HUF) [ 2019 (7) TMI 1917 - ITAT BANGALORE] has restored the issue to the file of Assessing Officer for examining it afresh as per directions issued by Hon ble Karnataka High Court in the case of Chandra Devi Kothari [ 2015 (2) TMI 1313 - KARNATAKA HIGH COURT] As the facts prevailing in the instant case is identical nature, follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income Tax Act, 1961 ('the Act'). 2. The learned counsel appearing for the assessee submitted that the assessee has sold 9,000 shares held by him in M/s. Conark Traders Limited for a sum of ₹ 43.77 lakhs and realized Long Term Capital Gains (LTCG). The assessee claimed exemption under Section 10(38) of the Act. The Assessing Officer was of the view that the shares sold by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stored the issue to the file of Assessing Officer for examining it afresh as per directions issued by Hon'ble Karnataka High Court in the case of Chandra Devi Kothari Vs. ITO (Writ Petition No.39370/2014 Dt.2.2.2015). Accordingly, the learned Authorised Representative prayed that the issue contested in this appeal may also be restored to the file of Assessing Officer with similar directions. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding the alleged share amount, I am of the view that the matter requires to be re-considered by the respondent by providing fair and reasonable opportunity of hearing to the petitioner and by furnishing the details / copy of the statement based on which the impugned assessment order has been passed." 4.3.2 From the above Para 8 of the judgment of Hon'ble Karnataka High Court in the case of Chan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.8 of the judgment reproduced above. In view of this decision, no adjudication is called for at this stage regarding the merits of the addition." As the facts prevailing in the instant case is identical nature, following the aforesaid decision of the Tribunal, we set aside the order passed by the learned CIT (Appeals) and restore all the issues to the file of Assessing Officer with similar dire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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