Tax ap­peal lim­its will not af­fect penny stock cases

The Times of India (New Delhi edition) - - Times Business - TIMES NEWS NET­WORK

Mum­bai: The Cen­tral Board of Di­rect Taxes (CBDT) on Fri­day di­rected that the re­cently re­vised higher thresh­old lim­its for fil­ing of ap­peals by the in­come tax (I-T) de­part­ment will not ap­ply in cases re­lat­ing to “or­gan­ised tax eva­sion” by tax­pay­ers. The CBDT seeks to plug the bla­tant mis­use of cap­i­tal gains pro­vi­sions on penny stocks.

Its cir­cu­lar dated Septem­ber 6 states, “Sev­eral references have been re­ceived by the CBDT that in a large num­ber of cases where or­gan­ised tax­eva­sion scam is no­ticed thro

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