https://www.taxtmi.com/caselaws?id=755055 ITAT Nagpur held that premium receipts from share issuance were taxable as income from other sources. The assessee company issued shares at premium to investors while issuing shares at par to promoters in the same financial year. The tribunal rejected the valuation report obtained from a registered valuer, finding it lacked corroborative evidence and was prepared to suit the company's interests. Since the company's networth was negative due to continuous losses, the entire premium amount was deemed taxable. The CIT(A)'s order deleting the addition was set aside, and the AO's assessment was upheld. en-us Wed, 12 Jun 2024 00:00:00 +0530 Wed, 03 Jul 2024 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755055 ITAT Nagpur held that premium receipts from share issuance were taxable as income from other sources. The assessee company issued shares at premium to investors while issuing shares at par to promoters in the same financial year. The tribunal rejected the valuation report obtained from a registered valuer, finding it lacked corroborative evidence and was prepared to suit the company's interests. Since the company's networth was negative due to continuous losses, the entire premium amount was deemed taxable. The CIT(A)'s order deleting the addition was set aside, and the AO's assessment was upheld. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755055