Addition u/s 56 - allotment of shares through right issue @1 per ...

Section 56 Additions on Share Allotment Deemed Unsustainable Due to Specific Case Circumstances and Anti-Abuse Measures.

October 5, 2021

Case Laws Income Tax AT

Addition u/s 56 - allotment of shares through right issue @1 per share - difference between FMV and the consideration paid by the assessee - the fact that intent of introducing the provisions was anti-abusive measures still remain intact and there is no reason to depart from the understanding that the provisions were counter evasion mechanism to prevent laundering of unaccounted income. - on the given facts and circumstances, the impugned additions as made by Ld. AO in the assessment order are not sustainable in the eyes of law. - AT

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Addition u/s 56 - allotment of shares through right issue @1 per ...

Section 56 Additions on Share Allotment Deemed Unsustainable Due to Specific Case Circumstances and Anti-Abuse Measures.

October 5, 2021

Case Laws Income Tax AT

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