Allotment of enquiry shares to subscribers is outside scope of Section 56(2)(viib) of Income Tax Act : ITAT [Read Order]

Allotment of enquiry shares to subscribers was outside scope of Section 56(2) (viib) of the Income Tax Act, 1961, rules, ITAT
By Aiswarya Krishnadas - On February 8, 2024 1:01 pm - 2 mins read
ITAT Delhi - Income Tax Act - ITAT ruling on share allotment - Tax treatment of share subscribers - Income Tax Act and share issuance - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) observed that allotment of enquiry shares to subscribers was outside scope of Section 56(2) ( viib ) of the Income Tax Act, 1961 The assessee-company was engaged in the import and trade of crude palm oil and coal business. The assessee had filed…

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