Large share premium: CIT cannot initiate proceedings to start fishing & roving enquiries

Annu Agrotech Private Limited Vs PCIT (ITAT Jaipur) Large share premium: CIT cannot initiate proceedings under section 263 to start fishing & roving enquiries The Ld. Pr.CIT also alleged that the AO did not make enquiries and verification on the issue of large share premium received by the assesse and the applicability of S.56(2)(viib) and other relevant sections even though this was not the reason for scrutiny selection. Alternatively and without prejudice to above, even otherwise on merits, there has been due and proper application of mind inasmuch as the AO raised directly relevant quer...