Addition Made by AO Towards Share Premium u/s 56(2)(viib) of Income Tax Act Already Offered to Tax by Assessee Before Settlement Commission: ITAT upholds Deletion of Addition [Read Order]

By Fathima Karama A.M - On August 26, 2023 7:45 am - 2 mins read
Addition Made by AO Towards Share Premium - Addition - AO - Share Premium - Income Tax Act - Income Tax - ITAT - Taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has upheld the deletion of addition holding that the addition made by the Assessing Officer (AO) towards the share premium under Section 56(2)(viib) of Income Tax Act had already offered to tax by the assessee before the settlement commission. The appellant, Lunar Finance Pvt Ltd, filed…

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