AO cannot doubt share premium if he accepts receipt of share capital as genuine

ITO Vs Savera Towers (P) Ltd. (ITAT Kolkata) At the outset, we find that the assessee had received share capital of Rs. 54,200 from 4 corporate entities and Rs. 2,70,45,800 from the very same shareholders towards share premium. The share capital received by the assessee has been duly accepted by the learned assessing officer within the ken of section 68 of the Act. However, share premium component has been doubted by the learned assessing officer. We find that the assessee in the instant case had duly complied with by furnishing the complete details of share subscribers to prove their identity...