Section 56(2)(viib) cannot be invoked to tax share premium for AY prior to AY 2013-14

DCIT Vs Archean Chemical Industries Pvt.Ltd. (ITAT Chennai) 13. The provisions of section 56(2)(viib) has been inserted to the statute by the Finance Act, 2012 w.e.f. 01.04.2013 and as per said provisions, where a company, not being a company in which public are substantially interested, receives in any previous year, from any person being a resident, any consideration for issue of shares that exceeds face value of such shares, aggregate consideration received for such shares as exceeds fair market value of shares shall be treated as income from other sources. For the purpose of this section, ...