https://www.taxtmi.com/caselaws?id=774874 ITAT Mumbai upheld CIT(A)'s decision on two grounds while remanding one issue. Regarding share premium additions under sections 68/56, the tribunal found that AO and CIT(A) failed to consider assessee's detailed submissions and supporting documents, ordering fresh adjudication on merits. For SEBI registration expenses, the tribunal confirmed partial disallowance of Rs. 1,66,668 as prepaid expenses, allowing only current year portion while permitting future year claims. Foreign travel expenditure disallowance was sustained as assessee failed to establish business nexus or provide adequate substantiation despite bearing the onus of proof. en-us Tue, 08 Apr 2025 00:00:00 +0530 Mon, 14 Jul 2025 18:14:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774874 ITAT Mumbai upheld CIT(A)'s decision on two grounds while remanding one issue. Regarding share premium additions under sections 68/56, the tribunal found that AO and CIT(A) failed to consider assessee's detailed submissions and supporting documents, ordering fresh adjudication on merits. For SEBI registration expenses, the tribunal confirmed partial disallowance of Rs. 1,66,668 as prepaid expenses, allowing only current year portion while permitting future year claims. Foreign travel expenditure disallowance was sustained as assessee failed to establish business nexus or provide adequate substantiation despite bearing the onus of proof. Case-Laws Income Tax Tue, 08 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774874