The petitioner  challenged the notice issued u/s 143(2) of the Act wherein  information on whether the share premium is from disclosed sources and is correctly offered to tax, the AO can also inquire into whether the premium exceeds the FMV and is taxable u/s 56(2)(viib) of the Act  . Dismissing the petition the Court held that ; The CBDT Circulars which restrict the right of the AO in limited scrutiny cases apply only in cases where the AO seeks to do comprehensive scrutiny to find if there is potential escapement of income on other issues. However, if the S. 143(2) notice seeks information on whether the share premium is from disclosed sources and is correctly offered to tax, the AO can also inquire into whether the premium exceeds the FMV and is taxable u/s 56(2)(viib) of the Act  .Writ to quash the notice was held to be not maintainable. ( WP(C).No. 3485 of 2018, dt. 22.05.2018) ( AY.2015-16)

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