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No section 56(2)(viib) addition for Share allotment at premium by Subsidiary to Holding Company
Case Law Details
- Case Name
- KBC India Pvt. Ltd. Vs ITO (ITAT Delhi)
- 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 Delhi
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KBC India Pvt. Ltd. Vs ITO (ITAT Delhi)
In a recent case between KBC India Pvt. Ltd. and the Income Tax Officer (ITO), heard by the Income Tax Appellate Tribunal (ITAT) Delhi, an appeal was made against an order pertaining to the assessment year 2016-17. The crux of the dispute lay in the addition of Rs. 41,70,000/- under section 56(2)(viib) of the Income-tax Act, 1961. The contention revolved around the valuation of shares allotted by the assessee to its holding company at a premium, and whether such premium attracted tax liability under the said provision.
Background
KBC India Pvt. Ltd., a r...
Author Info
sir in case of tehlka co share income tax did not objected when share on loss making co were sold to some business men at high premium.