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[Tax] ​Special Order - section 268A - bogus LTCG through penny stocks

Central Board of Direct Taxes Office Memorandum dated 16th September, 2019 is reproduced hereunder.—

Special Order of Board exempting cases involving bogus Long Term Capital Gains (LTCG) / Short Term Capital Loss (STCL) through penny stocks from monetary limits specified in any Circular issued under Section 268A of the Income-tax Act, 1961.

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.

(Abhishek Gautam) DCIT(OSD)(ITJ-1), CBDT, New Delhi

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