Section 56(2)(viib) Not Applicable to Share premium Transactions Between Holding & Wholly-Owned Subsidiary

 FIS Payment Solutions And Services India Private Limited Vs  Union of India & Ors. (Delhi High Court) Delhi High Court recently adjudicated on the writ petition filed by FIS Payment Solutions and Services India Private Limited, challenging the applicability of Section 56(2)(viib) of the Income Tax Act, 1961. The petitioner sought a declaration that the provision, introduced via the Finance Act, 2012, was unconstitutional. Alternatively, it requested that the provision be read down to apply only to unaccounted income cases and not to transactions between wholly owned subsidiaries and the...