Addition Deleted Because Startup Submitted Evidence After AO’s Procedural Lapses

ITO Vs Indic Wisdom Pvt. Ltd. (ITAT Mumbai) CBDT Circular Shields 56(2)(viib), Not 68 — Yet Addition Deleted for Lack of Enquiry- Startup Share Premium Not Unexplained: ITAT Mumbai Upholds CIT(A)’s Deletion of ₹1.04 Cr u/s 68 Revenue appealed against CIT(A)’s deletion of ₹1,04,79,916 added u/s 68 towards share premium received by Assessee, a DPIIT-registered startup engaged in manufacturing natural FMCG products such as cold-pressed oils. Assessment was completed u/s 143(3) r.w.s 144 after selection for scrutiny owing to large share premium receipts & mismatch between turnover a...