Provisions of section 56(2)(viia) applicable on shares received on account of amalgamation

ACIT Vs Vertex Projects LLP (ITAT Hyderabad) ITAT Hyderabad held that provisions of section 56(2)(viia) of the Income Tax Act are attracted on shares received by the assessee company on account of amalgamation. Facts- The case was selected for scrutiny by issuing notice u/s. 143(2) dated 28.02.2015. Subsequently, notice u/s. 142(1) and letters were issued on various dates. In response, AR appeared and furnished the details called for. After examination of the details so furnished by the assessee, the Assessing Officer made addition of Rs.5,59,249,590/- u/s. 56(2)(viia) of the Act to the income...