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Section 56(2)(viib) Inapplicable to Holding-Subsidiary Share Issuance: ITAT Delhi
Case Law Details
- Case Name
- Oyo Hotels & Homes 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
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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Oyo Hotels & Homes Pvt. Ltd. Vs PCIT (ITAT Delhi)
The Income Tax Appellate Tribunal (ITAT), Delhi, has quashed a tax revision order against Oyo Hotels & Homes Pvt. Ltd., ruling that Section 56(2)(viib) of the Income Tax Act, 1961, does not apply to transactions involving the issuance of shares between a subsidiary and its 100% holding company. The ruling came in response to an appeal filed by OYO against a revisionary order passed by the Principal Commissioner of Income Tax (PCIT), Delhi-7, under Section 263 of the Act.
The dispute arose when OYO, a wholly owned subsidiary of Oravel St...
