ITAT Ahmedabad Rejects 263 Revision Over Proper AO Verification

Smt. Neetu Hurkat Vs PCIT (ITAT Ahmedabad) Penny Stock LTCG Accepted:- AO’s Enquiry Held Proper & PCIT’s Revision Based Only on Audit Objection- ITAT Ahmedabad Quashes 263 In this appeal, Assessee challenged the revisional order passed by PCIT u/s 263 wherein the assessment originally completed u/s 147/143(3), accepting the returned income, was set aside on the allegation that AO failed to examine alleged bogus LTCG of ₹25,98,752 from the scrip “Toyam Industries Ltd.” treated as a penny stock. AO had reopened the case based on Insight information, issued notices u/s 143(2) & ...