ITAT Remands ₹16.03 Cr Share Premium Addition Case for Denial of Proper Hearing  

Nathan Anil Rao Vs ITO (ITAT Mumbai) The appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai Bench, arose from an order of the Commissioner of Income Tax (Appeals) dated 22.10.2025 for Assessment Year 2017–18. The assessee challenged the assessment wherein total income was determined at ₹16,07,69,040 as against the returned income of ₹4,01,94,310, primarily due to an addition of ₹16,02,68,952 under Sections 68/69 of the Income Tax Act on account of alleged unexplained share premium. The assessee contended that the CIT(A) passed an ex-parte order without granting a proper opp...