Revision order was remanded back for re-examination of assessee’s qualification as venture capital u/s. 56(2)(viib)

Authorgen Technologies Pvt Ltd Vs PCIT (ITAT Chandigarh)

Conclusion: Revision order was remanded back for re-examination of assessee qualification as venture capital as where the amount had been received from the Venture Capitalists, the provisions of section 56(2)(viib) were not applicable. However, there was no finding by the Commissioner of Income Tax (Appeals) [CIT(A)] against the claim of the assessee under Section 56(2)(viib).

Held: Assessee’s case was selected for complete scrutiny to examine matter relating to large share premi

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