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Section 56(2)(viib) Share Premium Addition Inapplicable After Assessee Became Subsidiary of Public Company
Case Law Details
- Case Name
- Asirvad Micro Finance Limited Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Asirvad Micro Finance Limited Vs ACIT (ITAT Chennai)
The appeal before the Income Tax Appellate Tribunal, Chennai Bench was filed against the order dated 4 February 2025 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2017–18. The sole issue in dispute was the confirmation of an addition of ₹42,29,48,758 made by the Assessing Officer under Section 56(2)(viib) of the Income-tax Act, 1961, by applying Rule 11UA of the Income-tax Rules to the share premium received by the assessee.
During the course of proceedings before the Tribunal, t...
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