Allowing the appeal the Tribunal held that  all shareholders were independent assessees and had confirmed transaction of having made investments in assessee and had also filed their respective bank accounts and had explained nature and source of funds in their bank account out of which share subscription including premium was paid to assessee. The Assessing Officer had not doubted share premium of Rs. 490/ per share as same was supported by valuation report as per Income-tax Rules. Addition was held to be not justified. (AY  2016-17)