ITAT Ahmedabad quashes 263 revision – AO had made detailed enquiry into penny stock LTCG claim

Mohammedsaqib Aiyub Puthawala Vs PCIT (ITAT Ahmedabad) Assessee claimed exempt LTCG of ₹12.18 lakh on sale of shares of Kushal Tradelink Ltd. The assessment was reopened u/s 147 only to verify this LTCG. During reassessment, AO issued specific SCN, called for full details, examined contract notes, demat account, bank statements, broker ledger, STT payment, source of funds etc. Assessee also gave a detailed explanation denying any link with operators & requested evidence/cross-examination if any adverse material was relied on. After verifying, AO categorically recorded that: He had no ev...