U/s 147/148 of IT Act 1961 Uploading of Information Related to Penny Stock (Suspected Long Term Capital Gains/Short Term Capital Loss) In Respect of Assessees for Consideration for Appropriate Actions - Income Tax - F.NO.287/30/2015-IT (INV.II)-VOL-III

LETTER F.NO.287/30/2015-IT (INV.II)-VOL-III DATED 29-3-2016 Kind attention is invited to the EFS Instruction Nos. 53 dated 8-3-2016 54 dated 21-3-2016 of Directorate of Income Tax (Systems) and CBDT's letter F.No. 287/30/2015-IT (Inv.II)-Vol-III, dated 16-3-2016 regarding handling cases of Penny Stock. 2. In continuation of the above, it is hereby informed that the list of cases related to penny stock transactions, pertaining to AY 2009-10 to AY 2013-14 with P1 and P2 priority, has now been made available under Actionable Information Monitoring System (AIMS). Detailed instruction in this regard (EFS Instruction No. 54, dated 21-3-2016) has been issued by Directorate of Income Tax (Systems) to all the Pr. CCsIT (CCA) and CIT (Computer Operations Admn). 3. It may be brought to the notice of all concerned for necessary action under section 147 / 148 of the Income-tax Act, 1961, depending upon facts of each case. 4. This issues with the approval of Member (Inv), CBDT.