Taxation of funds received in the form of share premium

Last updated: 29 September 2021

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The Income Tax Appellate Tribunal (ITAT) Jaipur bench heard an appeal from Annu Agrotech Private Limited concerning the taxation of share premium received. The assessee challenged the Pr. CIT's decision to invoke Section 263 of the Income Tax Act, arguing that the original assessment order was not erroneous or prejudicial to the revenue's interest. The core issue revolved around the proper verification of share allotment, share premium, and the applicability of Section 56(2)(viib) concerning the receipt of large share premiums.

Court :
ITAT Jaipur

Brief :
The present appeal has been filed by the assessee against the order of the ld. Pr.CIT, Udaipur dated 11/02/2021 passed U/s 263 of the Income Tax Act, 1961 (in short, the Act) for the A.Y. 2016-17.

Citation :
ITA No. 09/JP/2021

Daily Limit Reached