Addition of bogus LTCG u/s 68 deleted to prevent double taxation: ITAT Pune

Ashok Vijaykumar Kotecha Vs ACIT (ITAT Pune) In the case of Ashok Vijaykumar Kotecha vs. ACIT, Circle-1, Jalgaon (ITA No. 1453/PUN/2023), the Income Tax Appellate Tribunal (ITAT) Pune ruled in favor of the assessee, deleting the addition of ₹1.52 crore made under Section 68 of the Income Tax Act, 1961. Case Background The assessee, Ashok Vijaykumar Kotecha, filed his return for AY 2011-12, declaring an income of ₹1.79 crore. The assessment was originally completed under Section 143(3) read with Section 153A. However, the case was reopened under Section 147 after the Department received inf...