2023 (9) TMI 1318

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....der the CASS guidelines for the reason 'suspicious long term capital gain on shares [input from investigations wing]'. The assessee was required to furnish details of long term capital gains and the assessee submitted that the amount of long term capital gains claimed as exempt was to the tune of Rs. 8,94,472/-. It was the assessee's submission that 2500 shares of M/s. CCL International had been purchased on 23.11.2013 through online mode and these shares was sold on 15.01.2015. The Assessing Officer observed that, as per the information available with his office, the assessee was indulging in non genuine and bogus capital gains from transactions of purchase and sales of shares. The Assessing Officer was of the opinion that M/s. CCL Interna....

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....on of Rs. 08,94,472/- without going in to the merits of the case and ignoring the finding recorded by the assessing officer in assessment order that the sale of shares in this case is not a natural phenomenon but an arrangement of dubious design of providing accommodation entry of Long term capital gain to entroduce unaccounted own money as exempt income in the form of LTCG on sale of shares and the assessee being fully aware of it is also a part of manipulation. 2. The Ld. Commissioner of Income Tax (Appeals)-1, Kanpur has erred in law and on facts that the issue involved accommodation entry of tax free bogus LTCG All these persons/groups either have taken entries of tax-free bogus LTCG through a racket which is running this scam in a ve....

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....e Hon'ble Apex Court, appeals may be filed on merits as an exception to the above said Circular, where the Board, by way of special order, directs filing of appeals on merit in cases involved in organized tax evasion activity. It has been submitted in the application for condonation of delay that the order of the ld. First Appellate Authority in this case had been received on 11.12.2018 and the last date of filing of the Departmental appeal was 09.02.2019. It has been further submitted that earlier, no appeal was preferred before the ITAT as tax effect involved was only Rs. 3,66,120/-, and that, however, in view of Circular No.23/2019 dated 06.09.2019 and O.M. dated 16.09.2019, the Department had decided to file the present appeal and, ....