Long-Term Share Holding Not Penny Stock Because Investment Was Held for 10 Years

PCIT Vs Jagat Pravinbhai Sarabhai (Gujarat High Court) The Gujarat High Court dismissed a tax appeal filed by the Revenue under Section 260A of the Income Tax Act against the order of the Income Tax Appellate Tribunal (ITAT), Ahmedabad. The Revenue challenged the Tribunal’s decision deleting an addition of ₹2,10,474 made on account of alleged bogus long-term capital gains claimed as exempt under Section 10(38) of the Income Tax Act from the sale of shares of Devika Proteins Ltd., which the Assessing Officer treated as a penny stock transaction. The assessee had filed the return of income f...