A search was conducted in the case of assessee. Pursuant to which, the Assessing Officer made additions under section 68 on the basis of statement of one Mahendra Kumar Sethia (‘M’)  recorded under section 131 that share application money/share premium was received by the assessee from one Kothari Credit India Pvt Ltd (KCIPL). Assessing Officer held that entire transaction of receipt of share application money/share premium was a sham transaction and it was assessee’s unaccounted income that was invested through various companies. On appeal, Tribunal deleted the addition made under section 68 on the ground that statement of Mahendra Kumar Sethia (‘M’)  was very vague and there was no concrete statement made that money was received from the assessee-company at any stage, nor there was any material on record to suggest that either assessee-company paid money to Kothari Credit India Pvt Lt (KCIPL)  or to Mahendra Kumar Sethia  (‘M’,)  which was invested in form of share premium in assessee-company. High Court held that it could not be said that the Tribunal’s approach could be said to be perverse merely because it had taken another view. Order of Tribunal deleting the addition was affirmed. (AY. 2013-14 to 2015-16)