Addition on account of excess share premium received by the ...
Income Tax
July 20, 2022
Addition on account of excess share premium received by the assessee - exception to clause (viib) of sub-section (2) of section 56 - the assessee company does not fall in the negative list of the Third Schedule of SEBI (Venture Capital Funds) Regulations, 1996 in view of the nature of business carried on by it. We are of the considered view that the assessee fulfils the requisite conditions of being a Venture Capital Undertaking. Therefore, the case of the assessee falls within the ambit of the exclusionary provision contained in first proviso to clause (viib) of section 56(2) of the Act. - AT
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