Scrip can’t be Penny Stock: ITAT deletes Addition u/s 68 of Income Tax Act [Read Order]

The ITAT directed the A.O. to delete the addition made under Section 68 of the Income Tax Act.
By Yogitha S. Yogesh - On July 14, 2024 6:22 pm - 2 mins read
Scrip - Penny Stock - ITAT - Income Tax Act - taxscan

While deleting the addition under section 68 of the Income Tax Act, 1961, the Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) held that scrip cannot be called penny stock when shares are retained for more than 10 years. Elara India Opportunities Fund Limited, the appellant assessee is a portfolio investor registered with…

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