Praises late place for Penny, returning (6)
I believe the answer is:
extols
'praises' is the definition.
(extolling is a kind of praising)
'late place for penny returning' is the wordplay.
I cannot quite understand how this works, but
'late' could be 'ex' (prefix meaning former or onetime) and 'ex' is found in the answer.
'for' could be 'to' (eg both can mean 'in the opinion of') and 'to' is located in the answer.
This may be the basis of the clue (or it may be nonsense).
Can you help me to learn more?
(Other definitions for extols that I've seen before include "Sings the praises of" , "Enthusiastically praises" , "Praises highly, lauds" , "'Praises, lauds (6)'" .)