Dismissing the appeal of the revenue the Tribunal held that all the applicants had responded to notice issued under section 133(6). No further enquiry was also conducted by the Assessing Officer. The report of the Inspector that these companies did not exist at the given address could not be a valid ground for making the addition under section 68 of the Act especially when the Assessing Officer was fully aware that all these companies were group companies except A Ltd. which was a listed company and in earlier and subsequent assessment years their investment had been accepted in the order passed under section 143(3). The assessee before the Commissioner (Appeals) had given the average of book value and earnings per share based share valuation at Rs. 3,812. The Department had not brought any material to show that such valuation was incorrect. Therefore, the allegation of the Assessing Officer that the premium charged by the assessee-company was exorbitantly high was not tenable. Order of CIT (A) is affirmed. (AY.2011-12, 2012-13)