TMI Blog2022 (5) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... on or after 16.09.2019. The view expressed by the Hon ble Court, as aforesaid, was reiterated in the other decisions cited before us by learned counsel for the assessee. DR failed to bring to our notice any decision of any other High Court or Hon ble Supreme Court expressing a view contrary to the view expressed by the Hon ble Gujarat High Court in the aforesaid decision. Since, these decisions are directly on the issue and are the only decisions of any High Court dealing with issue, adhering to the norms of judicial discipline, we respectfully follow the view expressed in these decisions. Therefore, we hold that the present appeal having been filed by the Revenue prior to 16.09.2019, the date on which, Office Memorandum No. 279 dated 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee submitted that the appeal of the Revenue is not maintainable as the tax effect on the amount disputed by the Revenue is below the monetary limit of Rs. 50 lakhs in terms of CBDT Circular No. 17/2019 dated 08th August, 2019. 4. Opposing the contention of learned counsel for the assessee, learned Departmental Representative submitted, since the assessee has claimed short term capital loss in respect of penny stocks, assessee s case falls within the exception provided to Circular No.17/2019 dated 08th August, 2019. In this context, he drew our attention to CBDT Circular No. 23/2019 dated 06.09.2019 and Office Memorandum No. 279 dated 16.09.2019. 5. In reply, learned counsel for the assessee submitted, the exception to Circu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be applicable to the appeals filed by the Revenue after 16.09.2019. Thus, the crucial issue arising before us is, the applicability of CBDT Circular No.23/2019 dated 06.09.2019 read with Office Memorandum No. 279 dated 16.09.2019 to the present appeal. 7. Undisputedly, in supersession of CBDT Circular No. 3 of 2018 dated 11.7.2018 prescribing the monetary limit for filing appeals by the Revenue before the Tribunal above Rs. 20 lakhs, the CBDT issued one more circular, being Circular No. 17/2019 dated 08.08.2019 revising the monetary limit for filing the appeal before the Tribunal to Rs. 50 lakhs. The aforesaid circular also made it clear that it will apply not only to the appeals to be filed subsequent to the issuance of the circula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on before the Hon ble Gujarat High Court in case of PCIT Vs. Anand Natwarlal Sharda (supra). The Hon ble High Court held that there is nothing in the aforesaid circulars to suggest that they shall have retrospective effect. Thus, ultimately, the Hon ble Court concluded that the exceptions to CBDT Circular No.17/2019 dated 08.08.2019 as provided in CBDT Circular No. 23/2019 dated 06.09.2019 read along with Office Memorandum No. 279 dated 16.09.2019 would be applicable to appeals filed by the Revenue on or after 16.09.2019. The view expressed by the Hon ble Court, as aforesaid, was reiterated in the other decisions cited before us by learned counsel for the assessee. 9. Learned Departmental Representative failed to bring to our notice an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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