No Section 56(2)(viib) Addition if Share Premium Difference Fell Within 10% Safe Harbour: ITAT Delhi

International Oncology Services Private Limited Vs DCIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi allowed the assessee’s appeal for Assessment Year (AY) 2013-14, deleting both the addition made under Section 56(2)(viib) of the Income Tax Act, 1961 and the disallowance of legal and professional expenses under Section 37(1). The assessee, a private limited company engaged in providing medical and surgical services, operated its flagship Oncology Centre at Fortis Noida Hospital. During the relevant assessment year, it issued 20,75,264 equity shares at ₹292.45 per share,...