ITAT Quashes ₹50 Cr Protective Addition as Substantive Addition Already Deleted

ACIT Vs Mytrah Vayu (Gujarat) Private Limited (ITAT Ahmedabad) The Revenue appealed against the order of the CIT(A)-10, Hyderabad dated 20.01.2025 for Assessment Year 2014-15. The first ground of appeal concerned deletion of an addition of Rs. 50 crores made under section 56(2)(vii)(b) of the Act. The assessee had received share application money of Rs. 62.50 crores during the year, in exchange for shares issued in the subsequent year at a premium of Rs. 40 per share. The Assessing Officer (AO) held that the assessee failed to justify the premium and made a protective addition under section 56...