https://www.taxtmi.com/caselaws?id=417022 The court granted condonation for a 17-day delay in a Tax Appeal by the Revenue and decided to hear the main appeal on the same day. The appeal challenged the Tribunal's order dismissing the Revenue's appeal based on low tax effect, specifically concerning a claim of bogus LTCG on penny stocks without monetary limits. Despite arguments regarding a CBDT circular allowing appeals on merits for tax evasion cases without limits, the court emphasized the circular's lack of retrospective effect and the need for a special order for such appeals. Citing a prior Coordinate Bench order and related judgments, the court ultimately dismissed the appeal in line with the Coordinate Bench's decisions. en-us Mon, 03 Jan 2022 00:00:00 +0530 Thu, 13 Jan 2022 09:00:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417022 The court granted condonation for a 17-day delay in a Tax Appeal by the Revenue and decided to hear the main appeal on the same day. The appeal challenged the Tribunal's order dismissing the Revenue's appeal based on low tax effect, specifically concerning a claim of bogus LTCG on penny stocks without monetary limits. Despite arguments regarding a CBDT circular allowing appeals on merits for tax evasion cases without limits, the court emphasized the circular's lack of retrospective effect and the need for a special order for such appeals. Citing a prior Coordinate Bench order and related judgments, the court ultimately dismissed the appeal in line with the Coordinate Bench's decisions. Case-Laws Income Tax Mon, 03 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417022