https://www.taxtmi.com/caselaws?id=294283 A later CBDT circular and office memorandum carved out an exception from the monetary-limit policy for cases involving bogus long-term capital gains through penny stocks. The Tribunal held that, because the Revenue's appeal fell within that exceptional category, the earlier dismissal based solely on low tax effect could not stand. The miscellaneous application was therefore allowed, the prior order was recalled, and the appeal was restored for hearing on merits. The operative principle is that a subsequent instruction expressly excluding a class of cases from the monetary-limit regime can justify reopening an appeal earlier dismissed only for low tax effect. en-us Fri, 01 Nov 2019 00:00:00 +0530 Fri, 02 Apr 2021 22:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294283 A later CBDT circular and office memorandum carved out an exception from the monetary-limit policy for cases involving bogus long-term capital gains through penny stocks. The Tribunal held that, because the Revenue's appeal fell within that exceptional category, the earlier dismissal based solely on low tax effect could not stand. The miscellaneous application was therefore allowed, the prior order was recalled, and the appeal was restored for hearing on merits. The operative principle is that a subsequent instruction expressly excluding a class of cases from the monetary-limit regime can justify reopening an appeal earlier dismissed only for low tax effect. Case-Laws Income Tax Fri, 01 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294283