Addition towards share premium sustained by invoking provisions of section 56(2)(viib)

ITO Vs LNB Renewable Energy Pvt. Ltd (ITAT Kolkata) ITAT Kolkata held that company incorporated on 07.11.2012 and valuation of share done on 16.11.2012, therefore share premium on issue of equity share capital and issue of preference share capital are hit by provisions of section 56(2)(viib) of the Income Tax Act and hence addition towards share premium sustained. Facts- The case of the assessee was selected for scrutiny through CASS followed by serving of notices u/s 143(2) & 142(1) of the Act. During the course of assessment proceedings, AO after going through the financial statements an...