Summary
- The ITAT Mumbai has ruled that share investments wrongly attributed to Pratima Hitesh Mehta cannot sustain an addition of ₹4,70,49,835 for the assessment year 1992-93.
- The Tribunal found that Custodian information was misinterpreted, clarifying that Mehta was a second holder and not the actual owner of the shares.
- Additionally, the Tribunal deleted a separate addition of ₹3,13,213 due to lack of evidence provided to Mehta.
- This decision could reshape how shareholdings are assessed in similar cases involving the Harshad Mehta group.
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