ITAT quashes 263 order on issue of shares at high premium

Issue- On the  issue of share premium money and unsecured loan, the Commissioner held that the order of the Assessing Officer suffers from several defects as the Assessing Officer has not raised any question while recording the statement with respect to the credentials of the applicant companies. The statement recorded in stereo type and no question has been asked by the Assessing Officer with respect to the capacity of companies who have given the loan to the assessee. Thus the Commissioner has questioned the justification of payment of premium of Rs. 999 on a face value of Rs. 1 per share w...