Assessee issued shares, to NSR, Mauritius, a SEBI registered Venture Capital Fund at a premium of Rs. 1030/- per share.  In valuation certificate submitted to Reserve bank of India, price of share was worked out at Rs. 682/- per share, consisting of Rs. 10/- par value plus premium of Rs. 672/- per share. AO held that premium collected by assessee over and above premium worked out in Valuation Certificate was unjustified  accordingly, assessed the  same as cash credits.  Tribunal held that in terms of Notification No. FEMA/203/2010-RB, dated 7-4-2010, share premium amount worked out in Valuation Certificate is minimum amount that can be collected by assessee and hence, there is no bar on collecting higher amount as share premium. As there is no dispute about identity, creditworthiness of investor and genuineness of transactions the AO is not justified in making the addition. The Tribunal is also held that the amendment brought in section 68 of the Act with effect from 1-4-2013 has been held to be applicable from assessment year 2013-14 onwards. Even otherwise, the amendment will not apply to the assessee herein as the investor is a SEBI registered Venture Capital Fund.  (AY. 2012-13)