M/s. Innaccel Technologies Private Limited, Bangalore Assistant Commissioner Of Income Tax, Circle- 3(1)(1), Bangalore

Last updated: 30 December 2020
Quick Summary
Innaccel Technologies Private Limited is appealing a decision by the CIT(A) that confirmed an addition of over £3.74 million in share premium. This addition was made by the Assessing Officer under Section 56(2)(viib) of the Income Tax Act. The company had issued shares at a significant premium, supported by a valuation report using the discounted cash flow method.

Court :
ITAT Bangalore

Brief :
The assessee has filed this appeal challenging the order dated 03-12-2019 passed by Ld CIT(A)-3, Bengaluru and it relates to theassessment year 2016-17. The assessee is aggrieved by the decisionof Ld CIT(A) in confirming the addition of share premium amount of Rs.3,74,90,118/- made by the AO u/s 56(2)(viib) of the Income-tax Act,1961 ['the Act' for short].

Citation :
ITA No.146/Bang/2020

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