Addition u/s. 56(2)(viib) in respect of share premium - The ...

Income Tax

September 25, 2021

Addition u/s. 56(2)(viib) in respect of share premium - The prime object of insertion of Sec. 56(2)(viib) was to tax excessive share premium received unjustifiably by private companies on issue of shares without carrying underlying value. The intent of the provision was to deter the generation and use of unaccounted money. However, there are no such allegations against the assessee since the assessee has demonstrated the fulfilment of primary ingredients of Section 68. - Additions deleted - AT

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Addition u/s. 56(2)(viib) in respect of share premium - The ...

Income Tax

September 25, 2021

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