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TMI Blog2010 (1) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... t a high premium of ₹ 490/- per share whereas in the present year, this is the main basis on which addition was made by the Assessing Officer. Hence, merely on this basis of the Tribunal order in the preceding year, the issue in the present year cannot be decided and in the same, this aspect has to be examined as to whether the receipt of high share premium of ₹ 490/- per share in the present year is reasonable and in spite of this high premium, the transaction of receipt of share application money in the present year can be accepted as a genuine transaction. Regarding judgment of Lovely Exports [ 2008 (1) TMI 575 - SC ORDER] , we feel that judgment is not squarely applicable in the present case because the facts are differe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 3. Brief facts of the case are that during this year, the Assessing Officer has made addition of ₹ 80.85 lakhs on account of share capital received during this year. It has been noted by the Assessing Officer in the assessment order that the assessee has received fresh share application of ₹ 80.85 lakhs at a premium of ₹ 490/-m per share. This addition was made by the Assessing Officer mainly for the reason that there is no basis on which the shares of the assessee company can command premium of ₹ 490/- per share. Being aggrieved, the assessee carried the matter in appeal before Ld CIT(A) . Before Ld CIT(A), it was submitted by the assessee that during this year, the assessee company has received share applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e because the facts are different. It was submitted that in the case of Lovely Exports (supra) it was not the case of the revenue that the assessee company has received high amount of hare premium which could not be justified on the basis of balance sheet and future prospect of the assessee company. 5. As against this, Ld AR of the assessee supported the order of the Ld CIT(A) and reliance was placed on the judgment of Hon'ble Apex Court rendered in the case of Lovely Exports (supra). It was also his submission that in the earlier years also, similar addition was deleted by the Tribunal in assessee s own case and hence that Tribunal order should be followed in the present case also. 6. We have heard the rival submissions and have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er share, that the transaction in question was not genuine. Hence, we feel that this matter should go back to the file of the Ld CIT(A) for afresh decision. We, therefore, set aside the order of the Ld CIT(A) on this issue to the extent of addition deleted by him of ₹ 56 lakhs received by the assessee company during this year and restore this matter back to the to his file for a fresh decision. Ld CIT(A) should decide this aspect as to whether a r3eceipt of high paid premium share of ₹ 490/- per share for the present year by the assessee company is reasonable and in spite of this high premium, the transaction in question is genuine transaction. Ld CIT(A) should pass a speaking order on this aspect and decide the issue afresh aft ..... X X X X Extracts X X X X X X X X Extracts X X X X
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