Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
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Addition on account of share premium received on the contours of Section 56(2)(viib) - Premium has been charged to existing shareholder - Related parties / subscriber having pre-existing right in the company. - The Tribunal observed that where the shares are allotted to existing shareholders, the deeming provisions may not be applicable. The courts emphasized that the purpose behind Section 56(2)(viib) is to prevent unlawful gains, which may not arise in transactions between related companies. - CIT(A) rightly deleted the additions.
Addition on account of share premium received on the contours of Section 56(2)(viib) - Premium has been charged to existing shareholder - Related parties / subscriber having pre-existing right in the company. - The Tribunal observed that where the shares are allotted to existing shareholders, the deeming provisions may not be applicable. The courts emphasized that the purpose behind Section 56(2)(viib) is to prevent unlawful gains, which may not arise in transactions between related companies. - CIT(A) rightly deleted the additions.
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