https://www.taxtmi.com/caselaws?id=768944 ITAT Mumbai dismissed revenue's appeal challenging CIT(A)'s deletion of additions under Section 68 for bogus share premium and estimated gross profit on understated sales. The tribunal upheld that the assessee discharged its burden under Section 68 by explaining source of funds with corroborative evidence accepted by AO in remand proceedings, noting investing companies were Mumbai-based, not Kolkata-based. Regarding gross profit estimation, ITAT found AO's mathematical extrapolation from survey date figures to entire year was baseless and fallacious, lacking justification for rejecting books of account. The tribunal emphasized additions cannot be made on suspicion and accepted assessee's audited financial statements. en-us Mon, 07 Apr 2025 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768944 ITAT Mumbai dismissed revenue's appeal challenging CIT(A)'s deletion of additions under Section 68 for bogus share premium and estimated gross profit on understated sales. The tribunal upheld that the assessee discharged its burden under Section 68 by explaining source of funds with corroborative evidence accepted by AO in remand proceedings, noting investing companies were Mumbai-based, not Kolkata-based. Regarding gross profit estimation, ITAT found AO's mathematical extrapolation from survey date figures to entire year was baseless and fallacious, lacking justification for rejecting books of account. The tribunal emphasized additions cannot be made on suspicion and accepted assessee's audited financial statements. Case-Laws Income Tax Mon, 07 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768944