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TMI Blog2020 (3) TMI 1402X X X X Extracts X X X X X X X X Extracts X X X X ..... ar dated 8.8.2019 and the special order doesn t apply in the instant case and the appeal has thus rightly been dismissed by the Bench on account of low tax effect in light of CBDT s circular dated 8.8.2019. In any case, both CBDT Circular no. 23 of 2019 and special order dated 16.09.2019 were not in existence and thus not part of the record at the time when the matter was heard on 20.08.2019 or at the time of passing of order by the Tribunal on 21.08.2019 and therefore, non-consideration of such Circular and the special order so passed by the CBDT is not a mistake apparent from record which can be rectified within the narrow compass of section 254(2) - Miscellaneous application filed by the Revenue is dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 "Whether on the facts and in the circumstances of the case and in law the CIT(A) is right in not accepting the decision of Hon'ble High Court, Jaipur in the case of Shri Roshan Lal Sancheti, Bhilwara (Raj) wherein the Hon'ble Court has held that 'It must be held that statement recorded u/s 132(4) of the I.T. Act and later confirmed in statement recorded u/s 131 of the I.T. Act, can't be discarded simply for observing that the assessee has retracted the same because such retraction ought to have been generally made within reasonable time or by filing complaint to superior authorities or otherwise b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it talks about filing of appeals on merits and therefore, doesn't apply to appeals already filed and dismissed by the Tribunal. 3. We have heard the rival contentions and purused the material available on record. The limited issue under consideration is whether CBDT Circular no. 23 of 2019 dated 6.09.2019 read with special order of the CBDT communicated vide office memorandum dated 16.09.2019 applies to the instant appeal and the case falls in exception of penny stock, and the matter which has been already been dismissed by the Tribunal on 21.08.2019, following CBDT's earlier circular dated 8.8.2019 on account of low tax effect, can be rectified under section 254(2) of the Act. 4. In this regard, we refer 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 Incometax Act,1961 (the Act), for laying down monetary limits and other conditions for filing of departmental appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircular already issued under section 268A of the Act specifying the monetary limits, the appeals by the Revenue can still be filed on merits in cases involving organized tax evasion activity. However, in respect of which all cases or category of cases, such appeal can be filed shall be decided by way of a special order passed by the CBDT. There is thus a specific requirement for issuance of a special order by the CBDT and therefore, unlike general exceptions carved out from filing appeals on merits, in these cases, involving long term capital gains and short term capital gains exemption through penny stocks, there is a requirement for a special order to be issued by the CBDT and only where such a special order has been issued, the appeal shall be filed by the Department. 7. In cases involving long term capital gains and short term capital gains exemption through penny stocks, we find that the CBDT has since come out with a special order communicated vide office memorandum dated 16.09.2019 stating that monetary limits fixed for filing appeals in these cases before the Tribunal, High Court and Supreme Court shall not apply in case of assessee claiming bogus LTCG/STCG through penny s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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