Section 68 Addition Quashed for Exceeding Limited Scrutiny Scope: ITAT Mumbai

Krian Cinema Banquets Pvt. Ltd. Vs ACIT (ITAT Mumbai) Section 68 Addition Quashed for Travelling Beyond Scope of Limited Scrutiny The Mumbai ITAT (E Bench) allowed the appeal of Krian Cinema Banquets Pvt. Ltd. for AY 2016-17 and deleted the addition of ₹2.00 crore made under section 68, holding that the Assessing Officer had exceeded the scope of limited scrutiny without mandatory approval. Key findings of the Tribunal: The case was selected for limited scrutiny solely to examine share premium under section 56(2)(viib). Without converting the case into complete scrutiny and without approval...