Securities Premium can’t be Taxed as ‘Other Income’ u/s 56(2)(viib) of Income Tax Act: ITAT [Read Order]

By Taxscan Team - On June 30, 2022 11:26 am - 2 mins read

ITAT Delhi - Securities Premium - Tax - Other Income - Income Tax Act - ITAT - taxscan

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that, Securities Premium can’t be Taxed as “Other Income” u/s 56(2) (viib) of the Income Tax Act. The assessee,M/s. Archean Chemical Industries Pvt.Ltd. is a private limited company carrying on business of manufacturing of salt and other industrial chemicals. The cost…

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