The ITAT remanded the issue of share premium additions under...

The ITAT remanded the issue of share premium additions under sections 68 and 56 back to the CIT(A) for fresh adjudication, directing consideration of the assessee's detailed submissions and documents, which were previously overlooked. Regarding disallowance of expenses related to SEBI registration, the Tribunal upheld the AO and CIT(A) orders, allowing the portion attributable to the current year under section 37(1) and disallowing the prepaid balance, with liberty to claim it in subsequent years. The disallowance of foreign travel expenses was also upheld, as the assessee failed to substantiate that the expenditure was wholly and exclusively for business purposes, thus not discharging the onus. Consequently, the Tribunal dismissed the appeals against the disallowances while restoring the share premium issue to the CIT(A) for reconsideration on merits.

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