TMI Blog2022 (11) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... m the stipulation of monetary limit would be indeed operable from 16.09.2019 that is only in the cases where appeal was filed on or after 16.09.2019 - the department having taken a decision and a circular having been issued on 6.9.2019 followed by official memorandum of 16.9.2019 taking a decision that the stipulation of monetary limit would be operable from 16.9.2019, it is of no significance as to whether the appeal was pending on the said date and whether the tribunal was hearing the matter. This is so because the cut off date fixed under the circular is that it will apply to cases where appeals are filed on or before 16.9.2019. In the instant case, admittedly, the appeal has been filed much prior to the said date. For the above rea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of LTCG amounting to Rs.9,31,615/- on the sale of such scrips was allowable for Long Term Capital Gain sailing against the findings of the Assessing Officer as well as the CIT [Appeals] giving rise to perversity of facts ? 2. Whether in the facts and circumstances of the case, the impugned order of the Appellate Tribunal is perverse for granting Long Term capital Gain benefit to the assessee ? 3. Whether the Assessee is entitled to tax exemption u/s. 10[38] when the records and material indicates that the alleged income shown as Long Term Capital Gain is result of manipulated practice of an organised tax evasion ? We have heard Mr. Tilak Mitra, learned Advocate for the appellant and Mr. Pranit Kumar Bag, learned Counsel for the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Mr. Abhratosh Majumder, learned Senior Counsel, assisted by Mr. Avra Majumder, learned Counsel for the respondent/assessee. An important issue is raised in this appeal as regards the applicability of the Circular issued by the CBDT in Circular no.23, dated 6th September, 2019 and the effect of the Office Memorandum dated 16th September, 2019. The High Court of Gujarat in Principal Commissioner of Income-tax vs. Denisha Rajendra Keshwani, reported in (2022)134 taxmann.com 249 (Gujarat) and Principal Commissioner of Income-tax, (Central), Ahmedabad vs. Anand Natwarlal Sharda, reported in (2021)128 taxmann.com 376 (Gujarat) have held that the Office Memorandum dated 16th September, 2019 has to be read along with the Circular No.23, dated 6t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said letter, notes on submission dated 7th March, 2022 has been appended. The said notes of submission reads as follows: Notes on Submissions 1. The issue before the Hon ble High Court is seen to be the retrospective or prospective applicability of Central Board of Direct Taxes Circular No. 23 dated 06.09.2019 and Central Board of Direct Taxes OM dated 16.09.2019 by which exception to the tax effect was allowed for filing appeals in Long Term Capital Gain/Penny Stock in ITAT in respect of appeals which were dismissed by ITAT. 2. I am therefore to submit that in view of the facts of the impugned matter, the exception to penny stock cases from the stipulation of monetary limit would be indeed operable from 16.09.2019 th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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