ITAT Exempts Penny Stock Transactions u/s 10(38) Due to STT Compliance, Denies AO’s Bogus Transaction Allegations [Read Order]

Considering the assessee’s penny stock transaction was valid, ITAT allows exemption u/s 10(38) of Income Tax
By Kavi Priya - On October 8, 2024 10:16 am - 2 mins read
ITAT - ITAT Cuttack - Income Tax Appellate Tribunal - Securities Transaction Tax - STT - STT Compliance - ITAT Exempts - Penny Stock Transactions - taxscan

The Cuttack Bench of the Income Tax Appellate Tribunal ( ITAT ) allowed exemption under Section 10 (38) of the Income Tax Act, 1961, which the Assessing Officer had denied because the share transaction was bogus. The Tribunal emphasized that Securities Transaction Tax ( STT ) had been paid on each transaction, thereby validating the…

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