ITAT upholds Addition u/s 56(2) (viib) of Income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share [Read Order]

ITAT upholds Addition - income Tax Act as Share Premium Received by was in Excess of Fair Market Value of Share - TAXSCAN

The Bangalore Bench of Income Tax Appellate Tribunal (ITAT) has upheld the addition under Section 56(2) (viib) of the Income Tax Act as the share premium received by the company was in excess of the Fair market value of share. The appellant company, Mobi Com Technologies Pvt. Ltd was engaged in providing software development services…

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