ITO v. Nidhi Premises Pvt. Ltd.

Court:	ITAT-Mumbai
Head Notes:	For the purpose of exceptions to low tax effect Circular No. 17/2019 dated 08.08.2019 issued by CBDT 1. Information received from DIT(Investigation) being an interal wing of Income Tax department cannot be treated as an external source and hence not covered by exception to Circular. 2. Circular No. 23/2019 r.w. OM dated 16.09.2019 applies only to capital gains on penny stocks and not to share application money.
Law:	Income-Tax Act
Section(s):	Circular No 17/2019, Circular No. 23 of 2019, Office Memorandum dated 16.09.2019
Counsel(s):	Dhaval Shah
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Uploaded By	Rajesh
Date of upload:	October 27, 2020