AO cannot treat Share Premium as Bogus without proper investigation

ITO Vs. Aravali Prime Consultants Pvt. Ltd. (ITAT Jaipur)

In this case, it is noted that the AO during the course of assessment proceeding made the addition of Rs. 2,63,15,000/- (138500 shares x Rs. 190 per share) on account of share premium received on issue of shares by the assessee company. Thus the AO observed that the amount of Rs. 2,63,15,000/- is an undisclosed income of the assessee u/s 68 of the Act and made the addition accordingly. In appeal before the ld. CIT(A), Kota, the amount of Rs. 2,63,15,000/- on account o

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