Exemption u/s 10(38) cannot be Disallowed when Transaction is Not Declared as Penny Stock: ITAT [Read Order]

Exemption - Disallowed - Transaction - Penny Stock - ITAT - Income Tax - Taxscan

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has recently held that exemption under Section 10(38) of Income Tax Act, 1961 could not be disallowed when a transaction is not declared as penny stock. Section 10(38) of Income Tax Act deals with long term capital gains which was obtained after sale or transfer…

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