STCG tax paid u/s. 111A cannot be reclassified u/s. 68 r.w.s. 1115BBE without any basis

Advertisement DCIT Vs Naresh Laxminarayan Grover (ITAT Nagpur) ITAT Nagpur held that short term capital gain tax paid under section 111A @15% cannot be reclassified as taxable under section 68 read with section 115BBE of the Income Tax Act without any basis. Accordingly, appeal of revenue dismissed. Facts- The Assessing Officer added back Rs. 3,11,34,325 under section 68 of the Income Tax Act, 1961 holding short term capital gain considered to be not genuine. Assessee contested before CIT(A) that all the relevant details were submitted before AO and therefore reopening of assessment amounts...