ITAT nullifies Income Tax Additions in Penny Stock Deal for Quick Gains [Read Order]

Long term capital gain was exempt under section 10(38) of Income Tax Act. ITAT nullifies income tax additions in penny stock deal for quick gains
Penny stock gains - ITAT Mumbai - Income Tax Appellate Tribunal - Income tax additions - Taxation on penny stocks - Income Tax - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) nullified income tax additions in a penny stock deal for quick gains. The assessee’s return of income was assessed at ₹13,49,630/- under section 143(1) of the Income-tax Act. Subsequently, scrutiny under CASS led to notices (sections 143(2) and 142(1)). The individual, a partner in three…

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