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 informati

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