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TMI Blog2025 (3) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... (10) TMI 182 - DELHI HIGH COURT] endorsed the construction of s.56(2)(viib) rendered in the case of BLP Vayu (P.) Ltd. [2023 (6) TMI 209 - ITAT DELHI] & Kissandhan Agri Financial Services (P.) Ltd. [2023 (3) TMI 769 - ITAT DELHI]. As per judgements quoted, it was observed that deeming fiction of s.56(2)(viib) could not apply in the case of such transactions between holding company and wholly owne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Act, 1961 ["the Act"] arising from the assessment order dated 29.12.2016 passed under s. 143(3) of the Act pertaining to assessment year 2014-15. 2. The Revenue has raised following grounds of appeal:- 1. "Whether Ld. CIT(A) was legally justified in deleting the addition of Rs. 16,46,40,000/- made by the AO u/s 56(2)(viib) of the IT Act. 2. Whether the Ld.CIT (A) was right in hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... market value of shares stand at INR 299/- per share and consequently invoked the provision of s.56(2)(viib) of the Act to tax the excess share premium charged by the assessee company. The Ld. Counsel referred to the following judgements of Hon'ble Courts and Co-ordinate Bench of the Tribunal:- [i] FIS Payment Solutions & Services India Pvt.Ltd. v UOI [W.P.(C)] 10289/2024 judgement dated 29.07.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... material available on record. The Hon'ble High Court in FIS Payment Solutions & Services India Pvt.Ltd. (supra) endorsed the construction of s.56(2)(viib) rendered by the Co-ordinate Bench in the case of BLP Vayu (P.) Ltd. (supra) & Kissandhan Agri Financial Services (P.) Ltd. (supra). As per judgements quoted, it was observed that deeming fiction of s.56(2)(viib) could not apply in the case of s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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