{"id":31246,"date":"2022-12-10T13:19:45","date_gmt":"2022-12-10T07:49:45","guid":{"rendered":"https:\/\/itatonline.org\/digest\/ito-v-palak-chinubhai-patel-2022-194-itd-470-ahd-trib\/"},"modified":"2022-12-10T13:19:45","modified_gmt":"2022-12-10T07:49:45","slug":"ito-v-palak-chinubhai-patel-2022-194-itd-470-ahd-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/ito-v-palak-chinubhai-patel-2022-194-itd-470-ahd-trib\/","title":{"rendered":"ITO v. Palak Chinubhai Patel. (2022) 194 ITD 470 (Ahd) (Trib.)"},"content":{"rendered":"<p>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 &#8216;income from business or profession&#8217; in its return of income, said Circular read with Memorandum would not be applicable. Appeal of Revenue is \u00a0treated as withdrawn on account of low tax effect. (AY. 2011-12)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 268A : Appeal-Monetary limit-Penny stock-Shown as business income-Long term capital gains-Appeal of Revenue is as withdrawn on account of low tax effect.  [S. 45] <\/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-31246","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-87Y","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31246","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=31246"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31246\/revisions"}],"predecessor-version":[{"id":31247,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/31246\/revisions\/31247"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=31246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=31246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=31246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}