IN INCOME TAX APPELLATE TRIBUNAL PUNE BENCH SMC , PUNE . BEFORE SHRI D. KARUNAKARA RAO, AM ITA No.1850/PUN/2018 Assessment Year 2014-15 Ankush Jitendra Patni, B-11, Shivsakti Colony, Jalna Road, Aurangabad-431001. PAN BTWPP5841C . Appellant Vs. ITO, Ward-2(3), Aurangabad. Respondent Appellant by Shri Rajiv Thakkar, AR Respondent by Shri Sanjeev Ghei, DR Date of Hearing 26.09.2019 Date of Pronouncement: 01.10.2019 ORDER PER D. KARUNAKARA RAO, AM This appeal is filed by assessee against order of CIT(A)-2, Aurangabad dated 18.09.2018 for Assessment Year 2014-15. 2. effective ground raised by assessee is as under:- 1. Learned Taxing authorities bellow and erred in considering Rs.2772750/- as income u/s 68 being term capital gain instead of long term capital gain on sale of equity shares exempt u/s 10(38) of IT Act claimed by appellant considering facts of case and provisions of law, addition of Rs.27,72,750/- may be deleted and same be treated as exempt income. Just and proper relief may be granted to appellant. 3. Before me, at outset, ld. Counsel for assessee filed letter dated 26.09.2019 requesting for remanding issue to file of Assessing Officer for fresh adjudication. In this regard, ld. Counsel brought my attention to fact and submitted that this is case where -2- ITA No.1850/PUN/2018 assessee earned capital gains and claimed exemption u/s 10(38) of Act. Referring to scrip of Radford Global Limited, which is subject matter of earning capital gains, ld. Counsel submitted that scrip was considered as penny stock by Assessing Officer as there was adverse decision of SEBI relating to said scrip and Broker. In this regard, ld. AR brought my attention to said order of SEBI. Further, ld. Counsel submitted that said order of SEBI now stands reversed which makes transactions genuine and allegation of penny stock is cleared. ld. Counsel also mentioned that subsequent reversal order of SEBI was not available to file of lower authorities. Therefore, ld. Counsel now requests for remanding issue to file of Assessing Officer for fresh adjudication. 4. relevant contents of said letter dated 26.09.2019 filed by assessee is extracted hereunder :- . Additional Evidence: Securities and Exchange Board of India ( SEBI ) conducted preliminary examination into dealings in script of Radford Global Limited ( Radford ) during period from January 28, 2013 to March 24, 2014. Accordingly, SEBI passed interim ex-parte order on December 19, 2014 and November 9, 2015 restricting buying, selling or dealing in Radford till further directions. However, SEBI vide order dated September 20, 2017 having reference number SEBI/WTM/MPB/EFD-1-DRA-III/30/2017 has passed final order which is placed in page 219 to 229 of Paper Book. Accordingly, in para 9 of page number 225 and para 10 of page no.228 of Paper Book SEBI revoked above said interim order and decided that there is no manipulation of record. In view of above, we request your Honour may be remanded back to Lower Authority. 5. On hearing both sides on this limited prayer of remanding issue back to file of Assessing Officer for fresh adjudication, I am of -3- ITA No.1850/PUN/2018 opinion, said request of assessee is fair and reasonable. Accordingly, without going to merits of issue and keeping all issue were open, matter is remanded to file of Assessing Officer for fresh adjudication. Therefore, Assessing Officer is directed to decide issue after considering reversal order of SEBI along with other aspects/evidences. Needless to say, Assessing Officer shall decide issue after giving reasonable opportunity of being heard to assessee as per set principle of natural justice. Accordingly, alternate prayer of assessee is accepted and effective ground raised by assessee is allowed for statistical purposes. 6. In result, appeal of assessee is allowed for statistical purposes. Order pronounced on this 01st day of October, 2019. Sd/- (D. KARUNAKARA RAO) / ACCOUNTANT MEMBER / Pune; Dated : 01st October, 2019. Sujeet /Copy of Order is forwarded to : 1. / Appellant; 2. / Respondent; 3. CIT(A)-2, Aurangabad; 4. CCIT, Nashik; 5. , , - / DR SMC , ITAT, Pune; 6. / Guard file. / BY ORDER, //True Copy// Senior Private Secretary , / ITAT, Pune Ankush Jitendra Patni v. ITO, Ward-2(3), Aurangabad