ITAT upholds addition made u/s  56(2)(viib) of Income Tax  Act on account of excess consideration received on Allotment of Shares [Read Order]

ITAT upholds addition - Income Tax Act - Allotment of Shares - taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench upheld the addition made by the CIT(A) under section 56(2)(viib) of the Income Tax Act, 1961, on account of excess consideration received on allotment of shares. The assessee, Osianama Learning Experience Pvt. Ltd, is engaged in the business activities of acquiring, archiving, promoting, undertaking, carrying on, managing,…

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