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Section 56(2)(vii)(b) Not Applicable to Companies before 01.04.2017
Case Law Details
- Case Name
- Rhythm Polymers Pvt. Ltd. Vs PCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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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 return for the assessment year 2015-16, and the case was selected for limited scrutiny under the Computer-Assisted Scrutiny Selection (CASS)...
