Failure to Scrutinise Exempt LTCG from Penny Stock Justifies Section 263 Action: ITAT Surat

Kanchanben Pravinbhai Sheth Vs PCIT (ITAT Surat) The Income Tax Appellate Tribunal, Surat Bench, decided two appeals filed by the assessee for Assessment Year 2018–19 against separate revisionary orders passed by the Principal Commissioner of Income Tax, Surat–1, under Section 263 of the Income-tax Act, 1961, both dated 17.02.2025. As the facts and grounds were common, the appeals were heard together, with ITA No. 344/SRT/2025 treated as the lead case. The assessee had filed her return of income on 17.01.2019 declaring total income of ₹19,65,140 and claiming exempt long-term capital gain...