Addition for Share premium U/s. 68 cannot be made merely on the ground that directors of share subscribers did not turn up before AO

ITO Vs. Wiz-Tech Solutions Pvt. Ltd (ITAT Kolkata) 

The main plank on which the AO made the addition was because the directors of the share subscribers did not turn up before him. In such a case the Hon’ble Apex Court in the case of Orissa Corpn. (P) Ltd. (supra) 159 ITR 78 and the Hon’ble Gujarat High Court, in the case of Dy. CIT v. Rohini Builders [2002] 256 ITR 360 /[2003] 127 Taxman 523 , has held that onus of the assessee (in whose books of account

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