https://www.taxtmi.com/caselaws?id=181048 The Tribunal ruled in favor of the assessee in a case involving the chargeability of profits from penny stock sales under 'capital gains' and the addition of unclaimed expenditure under section 69C of the Income Tax Act. The Tribunal held that the profits from penny stock sales should be taxed under capital gains and emphasized the importance of the stocks being delivery-based for tax treatment. Additionally, the Tribunal directed the Assessing Officer to reexamine the penny stock transactions for proper taxability under capital gains, highlighting the need for a thorough examination to determine the nature of gains from such transactions. en-us Tue, 30 Nov 2010 00:00:00 +0530 Wed, 06 Apr 2016 13:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181048 The Tribunal ruled in favor of the assessee in a case involving the chargeability of profits from penny stock sales under 'capital gains' and the addition of unclaimed expenditure under section 69C of the Income Tax Act. The Tribunal held that the profits from penny stock sales should be taxed under capital gains and emphasized the importance of the stocks being delivery-based for tax treatment. Additionally, the Tribunal directed the Assessing Officer to reexamine the penny stock transactions for proper taxability under capital gains, highlighting the need for a thorough examination to determine the nature of gains from such transactions. Case-Laws Income Tax Tue, 30 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181048