Section 56(2)(viib) Not Applicable to Old Share Application Money – Addition Deleted

Savera India Riding Systems Company Pvt. Ltd. Vs DCIT (ITAT Mumbai) Section 56(2)(viib) Not Applicable to Old Share Application Money – Addition Deleted Mumbai ITAT deleted addition made under Section 56(2)(viib) on share premium, holding that the provision cannot apply retrospectively where share application money was received prior to its introduction (i.e., before 01.04.2013). The Tribunal noted that the entire share application money was received in FY 2006–07 and 2007–08, though shares were allotted later in AY 2016-17 due to RBI approval delays. Since no consideration was received ...