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No Penalty When Section 56(2)(viib) Itself Not Applicable to Holding–Subsidiary Share Issue
Case Law Details
- Case Name
- Proton Positive Health Care India Private Limited Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Hyderabad
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Proton Positive Health Care India Private Limited Vs ACIT (ITAT Hyderabad)
Mere Failure to Substantiate Is Not “Inaccurate Particulars” – 56(2)(viib) Not Applicable to Holding–Subsidiary Share Issue
Hyderabad Tribunal dealt with penalty u/s 271(1)(c) imposed on two issues—unproved sundry creditors of Rs.6,53,613 & share premium addition of Rs.77,46,883 u/s 56(2)(viib). In assessment, AO added creditors due to lack of PAN/address details & taxed share premium due to absence of valuation certificate. Assessee did not appeal quantum. AO levied penalty treating both issues as...
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