Provisions of Sec.56(2)(vii) on allotment of shares

Last updated: 11 October 2021
Quick Summary
The Income Tax Appellate Tribunal has ruled on the application of Section 56(2)(vii)(c)(ii) concerning the allotment of shares. The tribunal found that this section, intended to prevent tax evasion and money laundering, should not be applied to genuine business transactions carried out in the normal course of trade. The assessee's appeal was dismissed, while their cross-objections were partly allowed.

Court :
ITAT Mumbai

Brief :
Aforesaid appeal by revenue for Assessment Year (AY) 2014-15 arises out of the order of Ld. Commissioner of Income-Tax (Appeals)-21.

Citation :
I.T.A. No.5748/Mum/2017

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Published in Income Tax
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