Assessee, a newly incorporated company with no business history, raised share capital at nearly 500 times face value premium in a second lot issued just 27 days after an earlier lot at nil premium, and the AO added the amount under section 68 as the director failed to appear or verify the investors, a view confirmed by the CIT(A). On appeal, the Tribunal upheld the addition, holding that the investors themselves lacked any independent source of income, no valuation justified the premium, and with the director never produced, the identity, creditworthiness and genuineness of the transactions remained unsubstantiated, rendering the arrangement a camouflage. (AY. 2012-13)