https://www.taxtmi.com/caselaws?id=768173 ITAT Mumbai deleted additions made under sections 68 and 69C regarding sale proceeds of listed equity shares of SRK Industries Ltd. The revenue authority had denied exemption under section 10(38) claiming the shares were penny stocks and added unexplained expenditure for estimated 2% commission. Following precedent in Balkrisna Gajanan Thopte case involving identical scrip, the tribunal allowed the assessee's claim for long-term capital gains exemption and deleted the consequential commission addition, ruling in favor of the assessee on both grounds. en-us Fri, 28 Mar 2025 00:00:00 +0530 Wed, 02 Apr 2025 08:35:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768173 ITAT Mumbai deleted additions made under sections 68 and 69C regarding sale proceeds of listed equity shares of SRK Industries Ltd. The revenue authority had denied exemption under section 10(38) claiming the shares were penny stocks and added unexplained expenditure for estimated 2% commission. Following precedent in Balkrisna Gajanan Thopte case involving identical scrip, the tribunal allowed the assessee's claim for long-term capital gains exemption and deleted the consequential commission addition, ruling in favor of the assessee on both grounds. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768173