NEW DELHI: The CBDT directed the income tax authorities on Friday to pursue the cases of “organized tax evasion” through long-term capital gains (LTCG) or short-term capital loss (STCL) in courts as it set aside the condition of sticking to the established monetary limits for filing appeals.
A Central Board of Direct Taxes (CBDT) order said the decision was being taken after “several references” were received by the board, where a large number of cases of organized tax evasion through LTCG and STCL on penny stocks were noticed.
The Income-Tax (I-T) department had informed the CBDT that it was “unable” to pursue these cases in the higher judicial forums on account of the recently-enhanced monetary limits. (AGENCIES)
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