Disallowance under Income Tax Act Section 56(2)(viib) overturned for non-resident share application money. Funds exempted from tax.

Disallowance u/s 56(2)(viib) - issuance of shares with premium - share application money was received by the company from a non-resident company - since provisions of section 56(2)(viib), does not apply to consideration received from a non-resident - disallowance should be deleted .....

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