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TMI Blog2022 (6) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... on made u/s 68 on account of sales proceeds from penny stock without appreciating that the same was in the nature of organized taxevasion scam. 2. Whether on the facts and circumstances of the case, Ld. CIT(A) is justified in allowing the claim of STCS of Rs. 10,530/- claimed by the assessee without appreciating the fact that the AO has rightly computed the STCG of Rs. 10,776/- after detailed analysis of the price movement of the stock in KCLIPL. 3. On the facts and circumstances of the case, Hon'ble ITAT is requested to entertain this appeal though the tax effect is below the monetary limit prescribed in the CBDT's Circular No. 17/2019 dated 08.08.2019 but is in the nature of organized tax evasion activity in Circular No. 23/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee vis-a-vis finding of the search/survey conducted in the case of assessee, brokers, operators and the entry providers and the nature of transaction entered into by the assessee, the total sale value of Rs. 2, 31,000/- received back as sales proceeds on sale of shares of KCIPL is added back towards his taxable income under section 68 of the Act and the STCL of Rs. 10,530/- as claimed by the assessee is not allowed. Further, the STCG of Rs. 10,776/- is reduced from the total STCG u/s 111A in the computation of income. Penalty proceedings u/s. 271(1) (c) of the Income-tax Act, 1961 are initiated for concealment of taxable income as well as furnishing of inaccurate particulars of income. 3. Against this order of AO, assessee preferred a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 (LTCG) Short Term Capital Loss (STCL) on penny stocks and department is unable to pursue the cases in higher judicial fora on account of enhanced monetary limits. It has been reported that in large number of cases, ITATs and High Court have recognized the unique modus operandi involved in such scam and have passed judgements in favour of the revenue. However, in cases where some appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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