Issue of Share at Premium- Limited Scrutiny- Jurisdiction of AO

Sunrise Academy of Medical Specialities (India) Private Limited Vs ITO (Kerala High Court) The learned counsel for the petitioner submitted that the case of the petitioner was one taken for a limited scrutiny on the issue as to whether the funds received in the form of share premium by the petitioner are from disclosed sources and whether the same have been correctly offered for tax. According to the learned counsel, the assessing officer, in the circumstances, cannot examine any other issue in the matter of completing the assessment without the approval of the Principal Commissioner of Income...