The tribunal clarified that Section 56(2)(viib) is applicable only when the consideration received exceeds the market value of the shares
The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that Section 56(2)(viib) of the Income Tax Act, 1961 does not apply when shares are issued at a premium below the market value determined by the Assessing Officer ( AO ). The Revenue had appealed to the ITAT, challenging the decision…
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