2022 (4) TMI 547

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....e on 15.09.2015 declaring a total income of Rs. 18,89,900/-. The case was subject to scrutiny assessment and notice u/s 143(2) of the Act was issued on 28.07.2016. During the course of assessment the A.O noticed that assessee has shown Short Term Capital Gain of Rs. 1,95,500/- arising out of purchase and sale of shares of M/s First Financial Services Ltd. During the year under consideration the assessee has purchased shares of a company known as M/s First Financial Services Ltd, penny stock company, for a consideration of Rs. 5,01,500/- on 13.08.2014 and has sold it for gross consideration of Rs. 6,97,000/- on 22.08.2014 resulting in earning short term capital gain. In fact, the assessee has purchased 2,50,000 shares of this company @ Rs. 1....

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....e any long term capital gain/short term capital loss, therefore, assessee's case is covered by the CBDT Circular No. 17/2019 dated 08.08.2019 applying of monetary limit for filing the appeal by the department from Income Tax Appellate Tribunal. On the other hand, the ld. D.R supported the order of the assessing officer. 5. Heard both the sides and perused the material on record. Without reiterating the facts as elaborated above the tax effect involved in this appeal of the revenue is Rs. 2.36 lac which is evidently less than of Rs. 50 lac i.e monetary limit for filing appeal by the revenue as specified in Circular No. 17/2019, dated 08.08.2019. During the course of appellate proceedings the ld. Counsel of the assessee submitted that t....