Departure from Principles of Natural Justice - Questions Galore!
The factual matrix is such 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 ₹39.80 Lacs pertaining to assessment year 2014-15. The assessee invested in shares of M/s Esaar (India) Ltd. However, the assessing officer disallowed the said exemption on the grounds stating that it has not been sufficiently proved that the assessee is involved in promoting the penny stock company and how the assessee involved in inflating the shares of the company. For More Information: http://www.mschhajedandco.com/








