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Flawed valuation report benefits company's interest. Continuous losses lead to negative net worth. Share premium rightly taxed as income.

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Full Text of the Document

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....Valuation report by registered valuer found flawed and unreliable. Adoption of rate without substantiation or comparable instances. Inconsistency in premium charged from promoters and investors for share allotment in same year. Registered valuer's report made to suit company's interest without corroborative evidence. Assessing Officer rightly calculated negative net worth due to continuous losses. Entire premium taxable as income from other sources. CIT(A)'s order set aside, Assessing Officer's order upheld. Revenue's appeal allowed.....

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