Charging of High Premium on issue of shares can’t be ground for addition u/s 68

 Brief of the case In the case of CIT vs Anshikha Consultants Pvt Ltd, Delhi High Court held that whether the assessee company charged a higher premium or not, should not have been the subject matter of the enquiry in the first instance. Instead, the issue was whether the amount invested by the share applicants was from legitimate sources. Facts of the case 1. During the relevant Assessment Year (AY) 2006-07, the assessee had issued shares at a premium ranging from Rs. 24000-39000 to applicants which were companies. In the course of assessment proceedings, the AO had sought, details in parti...