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TMI Blog2020 (11) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal with the following prayer:- "In this connection, it is submitted that the Hon'ble ITAT has dismissed the appeal of Revenue in light of the CBDT's Circular vide No. 17/2019 dated 08.08.2019 wherein the monetary limit for filing appeal before the following authorities. S. No. Appeals/ SLPs in Income tax matters Monetary Limit (Rs.) 1 Before Appellate Tribunal 50,00,000/- 2 Before High Court 1,00,00,000/- 3 Before Supreme Court 2,00,00,000/- Further, the Hon'ble ITAT has given the liberty to file the Miscellaneous application in case the tax effect in this appeal is found to be more than Rs. 50,00,000/- or the case falls in any of the exceptions of the circulars. On perusal of the assessment record of this case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s 132(4) during the search as well as post search proceedings, however the retraction was filed after 14 months without supporting evidences and also not reported during the search proceedings." - 6 "Whether on the facts and in the circumstances of the case and in law the CIT(A) is justified in allowing the appeal of the assessee holding that in absence of any incriminating material, the completed assessment can't be interfered with by the AO and completed assessment can be interfered with by the AO and completed assessment can be interfered with by the AO while making assessment u/s 153A only on the basis of some incriminating material unearthed during the course of search which were not produced or not already disclosed." - 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry limit, therefore, the Misc. application is required to be filed before the Hon'ble ITAT on this issue as the merits of the case were not adjudicated and the case was disposed off only with regards to the monetary limits." 2. Per contra, the ld AR submitted that Circular No. 23 of 2019 has been issued by the CBDT only on 6.09.2019 after passing of the order of the Tribunal on 21.08.2019 and further, in the said circular, the CBDT has stated that it has decided that the appeal may be filed on merits as an exception to said circular, where the Board by way of special order direct filing of appeal on merits in cases involved in organized tax evasion activity. It was submitted that the said circular has to be read in respect of future appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r to CBDT Circular no. 23 of 2019 dated 6.09.2019, the contents thereof read as under: "Subject: -Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961-reg Reference is invited to the Circulars issued from time to time by Central Board of Direct Taxes (the Board) under section 268A of the Income-tax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeals before Income Tax Appellate Tribunal (ITAT). High Courts and. SLPs/appeals before Supreme Court. 2. Several references have been received by the Board that in large number of cases where organised tax-evasion scam is noticed through bogus Long-Term Capital Gain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The undersigned is directed to refer to Circular No. 23 of 2019 dated 6th September, 2019 and to say that by virtue of powers of the Central Board of Direct Taxes u/s 268A of Income-tax Act,1961, the monetary limits fixed for filing appeals before ITAT/HC and SLPs /appeals before Supreme Court shall not apply in case of assesses claiming bogus LTCG/STCL through penny stocks and appeals/SLPs in such cases shall be filed on merits." 6. On reading of the aforesaid circular no. 23 of 2019 so issued by the CBDT, we find that the CBDT has decided that notwithstanding monetary limits for not filing/pursuing appeals in terms of any circular already issued under section 268A of the Act specifying the monetary limits, the appeals by the Revenue can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... read and understood as filed pursuant to such special order. 8. We are conscious of the fact that CBDT low tax effect circulars issued from time to time wherein the tax effect have been progressively increased by the Revenue with a view to minimize the litigation has been read by the Courts and the Tribunal, and even the CBDT has also clarified latter, that these CBDT Circulars shall apply not just to future appeals but also to pending appeals and therefore, where the appeal has already been filed by the Revenue and is pending, such appeal has been held to be covered by a subsequent low tax effect circular and dismissed on account of low tax effect. However, in the instant case, the issue is regarding carving out an exception from such low ..... X X X X Extracts X X X X X X X X Extracts X X X X
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