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The Tax Publishers ITO v. High Growth Exports (P) Ltd. [ITA No. 515/Kol/2012, dt. 4-5-2016] : 2016 TaxPub(DT) 2240 (Kol-Trib) Addition of share capital and unusually high share premium under section 68 *Facts:* Assessee was found to have received 63.40 lakhs of share capital money from various parties at a premium of 96 lakhs (10 Rupee shares were issued at a premium of 15 Rs. each). Assessing Officer suspecting it to be a penny stock case added the sum received under section 68. Since evidences and identities were produced of the investors the Commissioner (Appeals) deleted the addition. On further appeal: Held in favour of the assessee that the addition under section 68 was not warranted.

The Tax Publishers

ITO v. High Growth Exports (P) Ltd. [ITA No. 515/Kol/2012, dt. 4-5-2016] : 2016 TaxPub(DT) 2240 (Kol-Trib)

Addition of share capital and unusually high share premium under section 68

Facts:

Assessee was found to have received 63.40 lakhs of share capital money from various parties at a premium of 96 lakhs (10 Rupee shares were issued at a premium of 15 Rs. each). Assessing Officer suspecting it to be a penny stock case added the sum received under section 68. Since evidences and identities were produced of the investors the Commissioner (Appeals) deleted the addition. On further appeal:

Held in favour of the assessee that the addition under section 68 was not warranted.