| |
| The Tax Publishers2020 TaxPub(DT) 4952 (Mum-Trib) INCOME TAX ACT, 1961
Section 56(2)(viib)
New provisions as contemplated under section 56(2)(viib) as introduced by the Finance Act, 2012, effective from 1-4-2013, were applicable from assessment year 2013-14, whereas year under consideration was only assessment year 2012-13. Accordingly, AO was not correct in applying section 56(2)(viib) as regards share premium received by assessee.
|
Income from undisclosed sources - Applicability of section 56(2)(viib) - Issuance of shares at premium prior to assessment year 2013-14 -
Assessee-company issued shares at premium. AO took the view that during the year assessee sustained loss and hence there was no justification for premium. Accordingly, AO invoked section 56(2)(viib) and assessed entire share application money and share premium under section 56(1) as 'Income from other sources'. Held: New provisions as contemplated under section 56(2)(viib) as introduced by the Finance Act, 2012, effective from 1-4-2013, were applicable from assessment year 2013-14, whereas year under consideration was only assessment year 2012-13. Accordingly, AO was not correct in applying section 56(2)(viib) and therefore, addition could not be sustained.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 68
 SUBSCRIBE FOR FULL CONTENT
|