Section 263 Revision Quashed as Penny Stock LTCG Was Examined & AO Took Plausible View

Nilesh Bipinchandra Mehta HUF Vs PCIT (ITAT Rajkot)

The appeal before the ITAT Rajkot concerned the validity of a revision order passed by the Principal Commissioner of Income Tax (PCIT) under section 263 of the Income-tax Act, 1961, in relation to a reassessment completed under section 147 for AY 2014-15. The assessee, a Hindu Undivided Family, had originally filed a return declaring income of Rs.78,030. The case was reopened based on information regarding transactions in penny stock shares of First Financial Services Ltd., where long-term capital gains (LTCG) were claimed as exem

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