Section 56(2)(viib) Not Applicable to Non-Resident Share Premium: ITAT Delhi

APCA Power Private Limited Vs DCIT (ITAT Delhi) Introduction: In the case of APCA Power Private Limited Vs DCIT (ITAT Delhi), the Income Tax Appellate Tribunal (ITAT) reviewed a complex matter related to share premium received from a non-resident person. The assessment of Section 56(2)(viib) of the Income Tax Act for the Assessment Year 2015-16 was brought into scrutiny. The case also highlighted procedural issues surrounding the appeal process. Analysis: The key aspects of the case include: 1. Assessment Order & Rectification: The assessee faced an addition under Section 56(2)(viib) relat...