ITAT Upholds Section 56(2)(viib) Addition for Excess Consideration on Share Allotment

Osianama Learning Experience Pvt. Ltd. Vs DCIT (ITAT Mumbai)” Introduction: In the case of Osianama Learning Experience Pvt. Ltd. Vs. DCIT, the Income Tax Appellate Tribunal (ITAT) in Mumbai addressed the addition made under Section 56(2)(viib) of the Income Tax Act. The crux of the matter involved an excess consideration received by the company on the allotment of shares. Detailed Analysis: Osianama Learning Experience Pvt. Ltd. is primarily engaged in various educational and promotional activities. In the relevant assessment year, the company had issued shares to multiple individuals a...