https://www.taxtmi.com/caselaws?id=456443 ITAT Ahmedabad dismissed Revenue's appeal due to low tax effect of Rs. 3,51,871, which fell below the prescribed Rs. 50 lakh threshold. Revenue argued that monetary limits should not apply to bogus gains/losses through penny stocks cases. However, ITAT held that CBDT Circular No. 23/2019 and Office Memorandum dated 16.09.2019 exceptions apply only when assessee claims bogus LTCG/STCL through penny stocks, not when such transactions are shown as business income. Since assessee declared share sale income under business/profession head rather than capital gains, the exception did not apply and appeal was treated as withdrawn. en-us Mon, 28 Feb 2022 00:00:00 +0530 Thu, 25 Jul 2024 20:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456443 ITAT Ahmedabad dismissed Revenue's appeal due to low tax effect of Rs. 3,51,871, which fell below the prescribed Rs. 50 lakh threshold. Revenue argued that monetary limits should not apply to bogus gains/losses through penny stocks cases. However, ITAT held that CBDT Circular No. 23/2019 and Office Memorandum dated 16.09.2019 exceptions apply only when assessee claims bogus LTCG/STCL through penny stocks, not when such transactions are shown as business income. Since assessee declared share sale income under business/profession head rather than capital gains, the exception did not apply and appeal was treated as withdrawn. Case-Laws Income Tax Mon, 28 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456443