Section 56(2)(vii)(b) Not Applicable to Companies before 01.04.2017

Rhythm Polymers Pvt. Ltd. Vs PCIT (ITAT Delhi)

Introduction: The case of Rhythm Polymers Pvt. Ltd. vs. PCIT revolves around the applicability of Section 56(2)(vii)(b) of the Income Tax Act to companies for the assessment year 2015-16. The Principal Commissioner of Income Tax (PCIT) issued a revisionary order under Section 263 of the Income Tax Act, which the assessee company has appealed.

Detailed Analysis: Rhythm Polymers Pvt. Ltd. filed its income tax

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