Share Premium Addition Quashed; DCF Valuation Cannot Be Replaced Without Specific Errors

Advertisement Savegenic E-Marketing Private Limited Vs ITO (ITAT Delhi) The assessee appealed against the order of the CIT(A) for A.Y. 2015-16, where the only issue concerned the confirmation of an addition of ₹60,06,500 made by the Assessing Officer as unexplained cash credit under Section 68 on the share premium collected during the year. The assessee had allotted equity shares of ₹10 each at a premium of ₹63.25 to two subscribers: 11,500 shares to a resident individual and 70,500 shares to a foreign company. The assessee filed its return declaring nil income, and the assessment und...