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2018 (4) TMI 435 - AT - Income TaxAddition made on account of premium received by the assessee - Addition u/s 68 - Held that:- We find that the assessee had received share premium money at the rate of 10, 000/-per share, that the AO made an addition of ₹ 2. 97 crores to the income of the assessee invoking the provisions of section 68 of the Act, that it had obtained a valuation report from a CA about the market value of the shares, that the earning per share of the assessee was more than ₹ 40,000/- that it had charged premium of ₹ 10,000/- only per share, that the existing director said purchase the shares. In our opinion, once a valuation report this opted by an assessee from a professional it has to be given due weightage, until and unless it is proved that same was factually incorrect or was obtained by fraud. It had charged 1/4th premium, as compared to the earning per share. Order of the FAA does not suffer from any legal or factual infirmity. So, upholding the same, we decide the effective ground of appeal against the AO. - Decided in favour of assessee.
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