Reassessment justified as assessee couldn't justify premium of 457 per cent over face value of shares: HC

IT: Where assessee could not explain allotment of shares in excess of authroised capital where there was no SEBI approval for same and assessee could also not justify premium of 457 per cent over face value of shares and also genuineness of transaction and creditworthiness of individual providing money, reassessment notice was justified

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