Section 56(2)(viib) of Income Tax not attracted when Shares issued below Market Value Determined by AO: ITAT [Read Order]

The tribunal clarified that Section 56(2)(viib) is applicable only when the consideration received exceeds the market value of the shares
By Navasree A.M - On September 4, 2024 3:50 pm - 2 mins read
Income Tax - ITAT - ITAT Delhi - AO Share Value Determination - TAXSCAN

The Delhi Bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled that Section 56(2)(viib) of the Income Tax Act, 1961 does not apply when shares are issued at a premium below the market value determined by the Assessing Officer ( AO ). The Revenue had appealed to the ITAT, challenging the decision…

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