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Judgment
ORDER
This assessee’s appeal for Assessment Year 2015-16, arises against the Ld. Commissioner of Income Tax (Appeals-14), New Delhi’s Order dated 25.10.2019 in appeal No. 309/17-18/CIT(A)-14, New Delhi 10332, in proceedings u/s 143(3) of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties. Case file perused.
It emerges during the course of hearing that the assessee presses for its sole substantive ground on merits challenging both the learned lower authorities’ action treating the total amount of long term capital gain of Rs. 46,35,635/- earned by the assessee on sale of shares of penny stock company M/s Jackson Investment Limited and claimed exempted u/s. 10(38) of the Act as his income being unexplained cash credit u/s. 68 of the Act and also treated amount of Rs. 1,39,069/- being 3% of the long term capital gain of Rs. 46,35,635/- u/s. 69C of the Act as unexplained, in the assessment order dated 29.12.2017 and upheld in the lower appellate discussion.
The assessee has filed its detailed paper book running into 157 pages thereby explaining the genuineness of the transactions of the additions in dispute. It is therefore deemed appropriate in the larger interest of justice to restore the assessee’s instant appeal back to the Assessing Officer for necessary reconsideration and factual verification of all the documentar y evidences filed by the Assessee and decide the issues in dispute afresh, after affording an opportunit y of being heard to the assessee at the appellant’s risk and responsibilit y only. Ordered accordingl y.
In the result, this assessee’s appeal is allowed for statistical purposes. .