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No sec. 68 just on reason that Co’s performance didn’t justify receiving high value of share premium

June 29, 2020[2020] 115 119 (Mumbai - Trib.)

INCOME TAX: Where assessee­-company issued shares at high premium and genuineness of transaction and identity and creditworthiness of share applicants were proved additions under section 68 could not be made merely on ground that assessee company's performance did not justify high value of share premium

INCOME TAX: Provisions of section 56(2)(viib) inserted by Finance Act, 2012 with effect from 1-4-2013 to examine justification of share premium would apply prospectively from assessment year 2013-14
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