Share Premium Addition Removed as ITAT Finds No Cross-Examination of Alleged Entry Operator

M.K. Sons Fine Jewels Pvt. Ltd. Vs ITO (ITAT Mumbai) ITAT Deletes Section 68 Addition Because Assessee Furnished Complete Share Capital Evidence; ITAT Quashes Rs.3 Crore Addition Because Revenue Relied Only on Suspicion and Investigation Inputs; Section 68 Addition Deleted Because Non-Compliance of Summons Alone Was Held Insufficient; ITAT Holds High Share Premium Cannot Be Taxed for AY 2012-13 Without Specific Statutory Provision. The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee for AY 2012-13 and deleted the addition of Rs.3,00,00,000 made...