following grounds:
1. Details of Share premium received Rs. 3,55,32,000/- not verified satisfactorily.
2. Investments made by the assessee amounting ... notice, the
PCIT has questioned two issues, i.e. fresh share capital alongwith share
premium raised by the assessee by issue of shares to certain
shares were found and seized. These documents
related to the companies from which the assessee is claimed to received
share capital and share premium. Thus ... 2018, Assessee furnished chart showing name, address,
correspondence address, share capital, share premium, total amount
received from shareholders, confirmation, bank statement, ITR, . On
verification
assessment completed, the Assessing Officer
observed increase in share capital including share premium
during the year under consideration of amount ... alleged share applicant has shown on
liability side paid-up equity shares of Rs. 1,44,84,500/-, reserve
and surplus including share premium account
equity share. Accordingly, the
excess amount charged per equity share is Rs. 13.53.
Total number of equity shares issued at premium ... parties and assessee has also declared the
issue of rights shares with share premium. He also brought to our
notice that assessee has filed writ
Equity Shares of C P Re-Rollers Ltd. at Rs. 10/- per share face value and Rs. 10/- per
share as share premium.
8. Please ... three
share applicant companies invested in shares of paper companies after raising capital
through share application money and share premium money from other paper companies
share subscriber companies in order to support and substantiate its
claim of having received the share capital and share premium amount
in question. The assessee ... concerned share subscriber companies as well as the genuineness of
the relevant transactions involving share capital and share premium
money and by relying on certain
unaccounted
income of Sunteck group, in the form of share capital and share
premium, which is evident from the fact that although, the above
companies ... failed to prove, credit found in the form of share capital and share
premium received from allotment of shares by discharging its onus
cast upon
assessee as per law. The share applicants
have confirmed the fact of investment in share capital and share premium ... crore as share capital from 23
share applicants shares having face value of Rs.10 was issued on a premium
source of the
amounts received as share capita! and share application money.
9. Issue of shares at premium a devise to claim tosses in future ... regards share valuation, the AO has stated that share value was
reported to be Rs.12.50 per share as against which, shares have been
company. The assessee companyfurnished the source
of funding of such share capital raised/share premium received. However, the
Assessing Officer noted that the contention ... closely held company fails to explain the
source of share capital, share premium or share application money received by it
to the satisfaction
