https://www.taxtmi.com/caselaws?id=465802 For AY 2012-13, the dominant issue was whether share capital and share premium received by a closely held company could be treated as unexplained cash credits under s. 68 on the ground of "excess" premium, or whether such adjustment lay only under s. 56(2)(viib). The ITAT held that s. 56(2)(viib) applies only from AY 2013-14 and, prior thereto, there was no statutory onus to justify share premium valuation; s. 68 does not contemplate premium valuation. It further held that where identity, creditworthiness, and genuineness were supported by documents and the AO made no enquiry under ss. 133(6)/131 to rebut them, s. 68 addition could not be sustained. The addition was deleted and the appeal allowed. en-us Mon, 24 Jan 2022 00:00:00 +0530 Wed, 07 Jan 2026 16:58:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465802 For AY 2012-13, the dominant issue was whether share capital and share premium received by a closely held company could be treated as unexplained cash credits under s. 68 on the ground of "excess" premium, or whether such adjustment lay only under s. 56(2)(viib). The ITAT held that s. 56(2)(viib) applies only from AY 2013-14 and, prior thereto, there was no statutory onus to justify share premium valuation; s. 68 does not contemplate premium valuation. It further held that where identity, creditworthiness, and genuineness were supported by documents and the AO made no enquiry under ss. 133(6)/131 to rebut them, s. 68 addition could not be sustained. The addition was deleted and the appeal allowed. Case-Laws Income Tax Mon, 24 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465802