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2022 (4) TMI 547 - AT - Income TaxMaintainability of appeal against Disallowance on sale of shares - monetary limit fixed for filing appeal before ITAT/HC & SLPs/Appeals before SC - Special Order of cases involving bogus Long Term Capital Gains (LTCG)/Short Term Capital Loss (STCL) through penny stocks from monetary limits Specified in any Circular issued under Section 268A - whether monetary limit issued vide Circular No. 23/2019 along with office memorandum dated 16.09.2016 are not applicable because in the case of the assessee, no long term capital gain/short term capital loss was claimed from impugned shares transactions? - HELD THAT:- As categorically specified in the office memorandum that monetary limit fixed for filing appeal before ITAT/HC & SLPs/Appeals before SC shall not apply in case of assessee claiming Long Term Capital Gain/Short Term Capital Loss through penny stocks and appeals/SLPs in such cases shall be filed on merit. Since, in the case of the assessee it is undisputed fact that assessee has shown Short Term Capital Gain of ₹ 1,95,500/- on total sale consideration of ₹ 6,97,000/- on the sale of 50,000 shares during the year under consideration and assessee has not claimed any Short Term Capital Loss, therefore we find merit in the submission of the assessee that this case of the assessee is not covered by the office memorandum dated 16.09.2019 which is specifically pertained to Short Term Capital Loss. Therefore, we don’t find any merit in appeal of the revenue and the same stand dismissed. Appeal of the revenue is dismissed.
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