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]

By Aparna. M - On October 26, 2023 11:30 am - 2 mins read

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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Topics

CIT(A)G S Pannu Income from Other Sources ITAT Mumbai Bench Section 56(2)(viib) of the Income Tax Act Shares