Addition u/s 68 for mere high premium on issue of shares not valid

Addition u/s 68 merely for reason of higher premium claimed is not valid if assessee has proved its onus of creditworthiness and genuineness of transaction Brief facts of the Case The assessee in the instant case issued shares at a premium ranging from Rs.24000-39000 to some applicant companies. During the assessment proceedings, AO sought details of such applicants which in turn was provided by the assessee in the form of their bank account statements, the Memorandum and Articles of Association, Income Tax Return, Balance Sheets, PAN details etc. However, the notices issued by the AO to conce...