The revenue has filed\u00a0 Miscellaneous application\u00a0 urging that\u00a0 CBDT Circular No. 23\/2019 dated 6-9-2019 and Office Memorandum No. 279 dated 16-09-2019 issued by CBDT both providing that cases involving organized tax evasion scam through bogus long term capital gain\/short term capital loss on penny stocks were not subjected to monetary limits prescribed for filing appeals, would apply\u00a0 all pending\u00a0 appeals .\u00a0 Miscellaneous application was rejected by the Appellate Tribunal . On appeal the High Court up held the order of the Tribunal and held that\u00a0 the circular No .23\/2019\u00a0 dated 6-9 -2019 should be read along with the office memorandum dated 16 -9 -2019 , in respect of appeals to be filed pursuant to such special orders of CBDT and shall apply to all the appeals\u00a0 filed on or after 16 -9 -2019 by the revenue , where the tax effect may be low but the appeal could still be filed by the revenue on merits . Therefore CBBDT circular\u00a0 would\u00a0 apply prospectively to appeals filed on or after 16-09-2019 and same would not apply retrospectively to pending appeals .<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 268A : Appeal \u2013 Instructions \u2013 Monetary limits- Bogus long term capital gains – CBDT Circular No. 23\/2019 dated 6-9-2019 and Office Memorandum No. 279 dated 16-09-2019 issued by CBDT \u2013 Apply prospectively \u2013 Dismissal of miscellaneous application by the Tribunal was held to be justified [ S. 254(2) , 260A ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-22622","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5SS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22622"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22622\/revisions"}],"predecessor-version":[{"id":22623,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22622\/revisions\/22623"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}