Share Transactions with Company declared as Penny Stock: ITAT allows Claim of Business Loss by FPI as No Evidence of Malpractices

Share Transactions - Company - Penny Stock - ITAT - Business Loss - FPI - taxscan

The Income Tax Appellate Tribunal ( ITAT ) Mumbai, has in an appeal recently filed before it by the Jt. Commissioner of Income Tax (OSD), International Taxation, held that business loss occurring out of share transactions with a company declared as a penny stock, shall be allowed as a short-term capital loss, lacking evidence of…

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