ITAT Upholds Additions on Unaccounted Cash from Share Sale

Kirti Bipin Thorat Vs ITO (ITAT Pune) Introduction: The case of Kirti Bipin Thorat vs. ITO, as heard by the Income Tax Appellate Tribunal (ITAT) Pune, revolves around the assessment for the assessment year 2014-15. The appeal was preferred by the assessee against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 23.01.2018. In this case, there are two primary issues: the reopening of the assessment under section 147/148 and the disallowance of an addition of Rs. 26,68,060. The latter pertains to unaccounted income received in cash concerning the sale of shares. Detailed Anal...