F.No. 279/Misc./M-93/2018-ITJ(Pt.)

Special Order of Board u/s 268A in cases involving bogus LTCG through penny stocks

What this is

F.No. 279/Misc./M-93/2018-ITJ(Pt.) was issued by the Central Board of Direct Taxes on 16 September 2019. Its subject is Special Order of Board u/s 268A in cases involving bogus LTCG through penny stocks.

The instrument itself

The text, read by machine from the scan

This is not the department’s typed text. The department published this one as a scanned image of a signed paper, so there is no text in the file to copy. What follows was read off that image by optical character recognition and is reproduced without correction — the mistakes you can see are the machine’s, and there may be others you cannot. It is here so the document can be found and read; it is not a substitute for the file, which is linked below. Do not quote from this page.

F. No. 279/Misc./M-93/2018-ITJ(Pt.)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
New Delhi, Dated: 16" September, 2019
OFFICE MEMORANDUM
Subject: -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-reg
The undersigned is directed to refer to Circular No. 23 of 2019 dated 6" 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.
amb,
DCIT(OSD)(ITJ-1),
CBDT, New Delhi.
Copy to:
1. The Chairman, Members and all other officers in CBDT of the rank of Under Secretary and above.
2. All Principal Chief Commissioners of Income-tax and Director Generals of Income-tax.
3. ADG (PR, PP& OL), Mayur Bhawan, New Delhi for printing in the quarterly Tax
Bulletin and for circulation as per usual mailing list.
4. The Comptroller and Auditor General of India.
5. ADG (Vigilance), Mayur Bhawan, New Delhi.
6. The Joint Secretary & Legal Advisor, Ministry of Law & Justice, New Delhi.
7. All Directorates of Income-tax, New Delhi and DGIT (NADT), Nagpur.
8. ITCC (3 copies).
9. The ADG (System)-4, for uploading on the Department’s website.
10. Data Base Cell for uploading on irsofficersonline.gov.in.
11. njrs_support@nsdl.co.in for uploading on NJRS.
12. Guard file. DCIT(OSD)(ITJ-1),
CBDT, New Delhi.

Source: the department’s scanned file.

← Circular No. 27/2019 · Circular No. 24/2019 →

A circular binds the department, not you and not a court. The Board issues a circular to its own officers. An assessee may hold the department to a circular that helps him; the department cannot hold an assessee to one that hurts him, and the Tribunal and the courts decide the law for themselves.

Source: the Income Tax Department’s own published text — its page for this instrument.