Dismissing the appeal of the Revenue the Tribunal held that Circular No. 23 of 2019 dated 6-9-2019 read with Office Memorandum dated 16-9-2019, shall apply when assessee has earned/claimed bogus LTCG/STCL through penny stocks, however, where assessee has shown sale and purchase of such alleged penny stocks as ‘income from business or profession’ in its return of income, said Circular read with Memorandum would not be applicable. Appeal of Revenue is  treated as withdrawn on account of low tax effect. (AY. 2011-12)