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Assessing Officer's Error Highlighted in Case on Undisclosed Income from Share Premiums u/s 68.

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Full Text of the Document

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....Addition u/s 68 - undisclosed income - investment made in shares issued at premium - AO asked himself the wrong question and proceeded thereafter on the wrong path. - AO, instead of making further inquiries, seems to have been burdened by the fact that the premium charged was high, which, according to us, was not the correct test for making an addition u/s 68 - HC....

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