https://www.taxtmi.com/caselaws?id=445192 Delhi HC upheld deletion of addition under Section 68 regarding share premium of Rs. 90 per share with face value Rs. 10. CIT(A) and ITAT correctly found no due diligence required as loan converters were directors of assessee or group companies. Valuation report showed share value at Rs. 101 per share using DCF method under Rule 11UA, making Rs. 100 total per share (including premium) reasonable and not sham transaction. AO's reliance on Section 56(2) provisions was properly considered despite addition being under Section 68. en-us Wed, 13 Sep 2023 00:00:00 +0530 Thu, 02 Nov 2023 08:30:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445192 Delhi HC upheld deletion of addition under Section 68 regarding share premium of Rs. 90 per share with face value Rs. 10. CIT(A) and ITAT correctly found no due diligence required as loan converters were directors of assessee or group companies. Valuation report showed share value at Rs. 101 per share using DCF method under Rule 11UA, making Rs. 100 total per share (including premium) reasonable and not sham transaction. AO's reliance on Section 56(2) provisions was properly considered despite addition being under Section 68. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445192