No reassessment u/s 147 on account of receipt of significant share premium as it lacked tangible evidence

Godrej Projects Development Pvt Ltd. Vs ITO (Bombay High Court) Conclusion: Reassessment notice issued under section 148 on the ground that how a newly incorporated company could command a significant share premium, was purely hypothetical and lacked tangible evidence and that could not be a tangible material for arriving at reason to believe escapement of income. Held: Assessee was engaged in real estate development and assessed for Income Tax, had filed returns for AY 2009-10. Although the AO accepted the return with a declared loss, the issue of share premium remained unaddressed in the ass...