ITAT Rejects Section 56(2)(viib) Addition as Shares Were Issued to Holding Company

ACIT Vs Dhruv Milkose Pvt. Ltd. (ITAT Delhi) Summary: The Revenue filed an appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, challenging the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2015-16, which had deleted an addition of ₹4,09,11,014 made by the Assessing Officer (AO) under Section 56(2)(viib) of the Income Tax Act. The addition related to share premium received by the assessee company on the allotment of 9,223 equity shares with a face value of ₹10 each at a premium of ₹4,435.76 per share to its holding company, M/s. SunEdison Solar...