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Section 56(2)(viib) Not Applicable to CCD Conversion Without Fresh Consideration: ITAT Delhi
Case Law Details
- Case Name
- Eduwizards Infosolutions Private Limited Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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Eduwizards Infosolutions Private Limited Vs DCIT (ITAT Delhi)
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), NFAC, relating to Assessment Year 2018-19. The dispute arose from an addition of ₹3,30,09,600 made under Section 56(2)(viib) of the Income Tax Act.
The assessee, engaged in providing home and online tutoring services, had originally issued Zero Coupon Unsecured Compulsorily Convertible Debentures (CCDs) to a resident investor in an earlier assessment year and had receiv...
