Addition U/s. 68 rw section 56: Addition for share premium in excess of Fair Value

Sunrise Academy of Medical Specialities (India) (P.) Ltd Vs  ITO (Kerala High Court) (DB)  Any premium received by a Company on sale of shares, in excess of its face value; if the Company is not one in which the public has substantial interest, would be treated as income from other sources, as seen from Section 56(2) (viib) of the Act, which we do not think can be controlled by the provisions of Section 68 of the Act. Section 68 on the other hand, as substituted with the provisos, treats any credit in the books of accounts, even by way of allotment of shares; for which no satisfactory explan...