2022 (7) TMI 1337

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.... in IT(SS)A Nos.85, 86 & 87/Kol/2018 for the assessment years 2011-12, 2012-13 and 2013-14. The revenue has raised the following substantial questions of law for consideration: i) Whether the ITAT has committed substantial error in law by not considering the CBDT's Circular No.23/2019 dated 6.9.2019 ? ii) Whether the ITAT in the facts and law involved in this case grossly erred in not considering that the case falls squarely within the exceptional clause as stipulated in the Circular No.23/2016 dated 6.9.2019 issued by the CBDT ? We have heard Mr. Soumen Bhattacharyya, learned standing counsel for the appellant/revenue and Mr. Abhratosh Majumdar, learned senior counsel assisted by Mr. Avra Mazumdar, learned Advocate appearing for th....

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....abad vs. Anand Natwarlal Sharda, reported in (2021)128 taxmann.com 376 (Gujarat) have held that the Office Memorandum dated 16th September, 2019 has to be read along with the Circular No.23, dated 6th September, 2019 and can only have prospective effect. Learned Senior Counsel appearing for the respondent/assessee submitted that the decisions referred above laid down the correct legal principal and identical question was considered by the High Court of Chattisgarh in the decision reported in (2021) 130 taxmann.com 291 and a Special Leave Petition filed by the revenue was dismissed by the Hon'ble Supreme Court as reported in (2021) 130 taxmann.com 292 (SC). We find that the order impugned before us has been passed by the Tribunal in a ....

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....refore to submit that in view of the facts of the impugned matter, the exception to penny stock cases from the stipulation of monetary limit would be indeed operable from 16.09.2019 that is only in the cases where appeal was filed on or after 16.09.2019." In the light of the stand taken by the Department, the monetary limit would be operable from 16th September, 2019, that is, only in cases where appeal was filed on or after 16th September, 2019." Mr. Soumen Bhattacharyya, learned standing counsel for the appellant/revenue would submit that though in the instant case the appeal before the tribunal was filed in the year 2019, as on the date when the circular was issued to take effect from 16.9.2019, the appeal was pending before the tri....