High share premium cannot be base to assess share capital and premium as unexplained cash credit

ITO Vs Rajshree Integrated Cold Chain Pvt. Ltd. (ITAT Kolkata) ITAT Kolkata held that it is unjustified to assess share capital and share premium as unexplained cash credit u/s. 68 merely for high share premium as identities and creditworthiness of the share applicant and genuineness of the transactions duly established. Facts- During assessment, AO noted that assessee has raised share capital including share premium, totaling for an amount of Rs.2,76,50,000/-. AO sought details and explanation on this from the assessee. Not convinced by the details and documentary evidence placed on record, L...