ITAT Mumbai Deletes ₹116.5 Cr Share Premium/Capital Addition, Slams DCIT for Incomplete Inquiry

Jay Ganga Exim India Pvt. Ltd Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, in the case of Jay Ganga Exim India Pvt. Ltd Vs DCIT, deleted an addition of approximately ₹116.50 crore made by the Assessing Officer (AO) under Section 68 of the Income Tax Act, 1961, relating to the receipt of share capital and share premium. The Tribunal held that the assessee had sufficiently discharged its initial burden of proving the identity, creditworthiness, and genuineness of the transactions, and the Revenue failed to discharge the shifted burden by conducting proper inq...