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TMI Blog2024 (7) TMI 718X X X X Extracts X X X X X X X X Extracts X X X X ..... ritorious adjudication of the grounds of appeal taken by the assessee at the first appellate stage. Assessee is at liberty to furnish details and documents, if she so requires, to substantiate her claim. Section 250 of the Act provides for procedure to be adopted while disposing of the appeal by the Ld. CIT(A). Sub-section (4) of section 250 of the Act provides that the Ld. CIT(A) may, before disposing of any appeal, make such further inquiry as he thinks fit, or may direct the Assessing officer to make further inquiry and report the result of the same to the Commissioner (Appeals). Keeping in mind the provision of sections 250 of the Act, it is incumbent upon the Ld. CIT(A) to pass a speaking order on the merits of the case by examining, v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch was claimed as exempt u/s. 10(38) of the Act. Assessee had sold 7500 shares of the scrip Asianlak Ltd. For the sale consideration of Rs. 62,20,653/- resulting into a long term capital gain of Rs. 61,45,653/-. These shares were purchased on 10.09.2011 for the sum of Rs. 75,000/-. Name of the scrip changed to Global Infratech Finance Ltd. Necessary details and documents were called for during the course of assessment proceedings which were furnished by the assessee. Ld. Assessing Officer did not find favour with the same and held that exempt claimed by the assessee u/s. 10(38) cannot be allowed. He thus, after making the disallowance, made an addition of Rs. 62,20,653/- in respect of sale proceeds of the shares sold by the assessee by trea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if she so requires, to substantiate her claim. 8.1. Section 250 of the Act provides for procedure to be adopted while disposing of the appeal by the Ld. CIT(A). Sub-section (4) of section 250 of the Act provides that the Ld. CIT(A) may, before disposing of any appeal, make such further inquiry as he thinks fit, or may direct the Assessing officer to make further inquiry and report the result of the same to the Commissioner (Appeals). Further, sub-section (6) provides that the CIT(A) shall pass an order in writing and shall set the points for determination, the decision thereon and the reasons for the decision. Keeping in mind the provision of sections 250 of the Act, it is incumbent upon the Ld. CIT(A) to pass a speaking order on the merit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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