Addition u/s. 56(2)(viib) not sustained as shares issued at lower rate than rate determined by AO: ITAT Delhi

ACIT Vs Addverb Technologies Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that addition on account of section 56(2)(viib) of the Income Tax Act unsustainable as shares are issued at rate lower than market value of shares determined by the AO. Facts- Revenue has preferred the present appeal contesting that CIT(A) has erred in deleting disallowance of Rs. 3,95,014 made on account of proportionate interest expenditure and deleting addition of Rs. 25,09,76,959 made on account of section 56(2)(viib) of the Income Tax Act. Conclusion- Held that disallowed interest payment of Rs. 3,95,014/- is TDS deducted...