Conversion of loan amount into equity shares will not exonerate assessee from application of provisions U/S 56(2)(viib): ITAT [Read Order]

Conversion of loan amount - equity shares - exonerate assessee from application of provisions - ITAT - taxscan

The Pune bench of the Income Tax Appellate Tribunal (ITAT) held that Conversion of loan amount into equity shares will not exonerate assessee from application of provisions under section 56(2)(viib)b of the Income Tax Act. The assessee filed this appeal challenging the order dated 14.3.2023 passed by the learned CIT(A), National Faceless Appeal Centre, Delhi…

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