Section 56(2)(viib) Share Premium Addition Inapplicable After Assessee Became Subsidiary of Public Company

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 bef

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