2021 (9) TMI 238

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....nue seeks to recall this order is by placing reliance on CBDT Circular No. 23/2019 dated 06/09/2019 wherein the Circular was issued in respect of long term capital gain and short term capital loss generated through penny stocks, citing the same as an exception to application of low tax effect circular. For the sake of convenience, the entire Miscellaneous Application of the Revenue is reproduced hereunder:- "The applicant submits that The Hon'ble ITAT has withdraw the Appeal suo-moto in the case of Manjulaben B Patel. in ITA No. 2945/Mum/2018 for A.Y. 2008-09 dated 21.08.2019. Fact of the case: The assessee is filed its return of income electronically for A.Y. 2008-09 on 24.11.2008 declaring total income at Rs....

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....4 at the office of Lotus/Kamdhenu/green Valley group & their Associates and at the residence of their Directors by the DDIT Unit 3(2) Mumbai, The main allegation in this search was the introduction of unaccounted funds into business and personnel accounts. These funds were routed through paper entities based in Kolkata and Mumbai created or existing for this purpose. It was also noticed that accommodation entries in these group were from common accommodation entry provider. In the present case also the addition u/s 68 of I T Act was made on account of unsecured loan of Rs. 1,00,00,000/-received by the assessee from bogus entities, which was found to be a company formed with an malafide intention to introduce the unaccounted money b....