ITAT Partly Remands ₹325 Cr Share Premium Addition under Section 68 to Verify Claim of Double Taxation

The ITAT, in a complex matter involving a massive addition of ₹325 crore under Section 68 (undisclosed sources), partly remanded the case to the Assessing Officer to examine the assessee’s claim of double taxation benefits. While the Tribunal upheld certain aspects of the addition, it observed that the assessee presented documents suggesting the same income had already been taxed in another jurisdiction or year. The ITAT directed further verification of evidence, foreign tax credits, treaties, and records to ensure no double jeopardy. It also insisted on opportunity of hearing and cross‑examination before finalizing the demand. This decision underscores that large additions under section 68 must allow genuine claims of international relief or past taxation to be evaluated.