9911796707
TMI Blog2023 (8) TMI 1480X X X X Extracts X X X X X X X X Extracts X X X X ..... whether the conversion of loan taken in the past into equity shares with share premium would be hit by the provisions of sec.56(2)(viib)? - HELD THAT:- As shares premium collected by the assessee was more than the valuation arrived at by the auditor in the valuation report. We notice that this question has been examined and adjudicated by the Kolkata Bench of the ITAT in Milk Mantra Dairy Private ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... passed by the learned CIT(A), National Faceless Appeal Centre, Delhi and it relates to A.Y. 2014-15. The assessee is aggrieved by the decision of the learned CIT(A) in confirming the addition of Rs. 1,41,11,192/- made by the under section 56(2)(viib) of the I.T. Act. 2. None appeared on behalf of the assessee. We noticed from the record that the adjournment was granted earlier on three occasions. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 63/- is assessable under section 56(2)(viib) of the Act. Accordingly he assessed the excess share premium amount of Rs. 1,41,11,192/- under section 56(2)(viib) of the Act. 4. Before the learned CIT(A), the assessee submitted that it had borrowed money from certain persons in the past and a part of those loans was converted into the equity shares. Accordingly, it was contended that such kind of con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... premium collected by the assessee was more than the valuation arrived at by the auditor in the valuation report. The question is whether the conversion of loan taken in the past into equity shares with share premium would be hit by the provisions of sec.56(2)(viib) of the Act. We notice that this question has been examined and adjudicated by the Kolkata Bench of the ITAT in the above said case, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
