Issue of share at premium – ITAT remands matter back to AO

DCIT Vs Shree Swaminarayan Infrastructure Private Limited (ITAT Rajkot)

In this case, assessee company has issued shares of Rs.2,92,00,000/-being 7300 equity shares of Rs.10/- each at a premium of Rs.3990/- per share and thus there is increase in share capital of Rs.73,000/-. Over and above that the company has collected premium of Rs.2,91,27,000/-. Before the lowers authorities, assessee has filed copy of the income tax return, PAN numbers of the concerned persons and also filed bank statements. But learned AO doubte

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