STCG already Taxed: ITAT deletes Rs. 1.20 Crore Wrong addition [Read Order]

The tribunal also observed that the department had already taxed the capital gain in the hands of the rightful owner
STCG - Taxed - ITAT - Crore Wrong addition - TAXSCAN

The Pune Bench of the Income Tax Appellate Tribunal ( ITAT ) removed the incorrect addition of Rs. 1.02 crore as Short-Term Capital Gains (STCG) after determining that the income had already been assessed. Rimple Saxena (assessee) had not filed a return of income for the Assessment Year (AY) 2013-14. Based on the information available,…

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