Section 69 Cannot Be Invoked for Recorded Share Investments Merely for Premium Mismatch

Airoplast Private Limited Vs ITO (ITAT Mumbai) Section 69 Cannot Be Invoked for Recorded Share Investments Merely Due to Premium Mismatch: ITAT Mumbai Deletes ₹2.45 Cr Addition The Mumbai ITAT (“A” Bench) allowed the appeal of Airoplast Pvt. Ltd. for AY 2015-16 and deleted the addition of ₹2.45 crore made under section 69, holding that the foundational conditions for invoking the deeming provision were not satisfied. The reassessment was initiated on the premise that the assessee had invested ₹2.45 crore in shares of JKM Holdings Pvt. Ltd. at a lower premium than that allegedly charg...