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Saturday 7 September 2019

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Tax appeal limits will not affect penny stock cases

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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.

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