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TMI Blog2016 (12) TMI 875X X X X Extracts X X X X X X X X Extracts X X X X ..... ent. However, the aforesaid objections has not been addressed to by the Assessing Officer in his order dated 9th September, 2016. The face value of the share being ₹ 411/per share is merely reiterated without any supporting evidence to meet the objections of the Petitioner. In the above view, it would be appropriate that the order disposing of the objections dated 9th September, 2016 be set aside and the issue be restored to the Assessing Officer to dispose of the Petitioner's objections as stated and confined to contents of its objections dated 20th July, 2016. AO would dispose of the objections dated 20th July, 2016 within a period of six weeks from today. - Writ Petition No. 2356 of 2016 - - - Dated:- 7-12-2016 - M. S. Sankl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7; 780/per share. Further, the assessee mainly has shareholders fund which comprises of share capital and share premium and no other reserve and surpluses. On perusal of the balance sheet, it is found that the company has shown a reserve and surplus of ₹ 3,59,19,569/which is completely because of the high share premium received during the previous year was ₹ 4,15,52,325. Thus, the company has only source of the high share premium for the share investment made by the company in the current year. Thus, the company does not have commensurate financial position for receiving such a high share premium on shares. It is difficult to accept the fact that a person will invest in the share capital of a Private Limited Company at suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ropriate that the order disposing of the objections dated 9th September, 2016 be set aside and the issue be restored to the Assessing Officer to dispose of the Petitioner's objections as stated and confined to contents of its objections dated 20th July, 2016. 6 The Assessing Officer would dispose of the objections dated 20th July, 2016 within a period of six weeks from today. 7 In view of the above directions, the adinterim stay granted by order dated 14th October, 2016 of the impugned notice dated 31st March, 2016 will continue for a period of eleven weeks from today. This would take into account the six weeks time within which the Assessing Officer would dispose of the Petitioner's objections to the reopening notice and for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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