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        Case ID :
        Income Tax

        ITAT ruled in favor of assessee regarding addition under s....

        Share Premium Rounding Difference of Rs. 0.09 Per Share Not Taxable Under Section 56(2)(viib) for Rights Issue

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT ruled in favor of assessee regarding addition under s. 56(2)(viib) for alleged excess share premium. The disputed amount arose from a nominal rounding difference of Rs. 0.09 per share on allotment of 1 crore equity shares to existing shareholders in proportion to their shareholding ratio. The Tribunal found the CIT(A)'s order unsustainable as the share allotment maintained original shareholding patterns without substantive premium excess. The technical rounding difference did not constitute premium warranting addition under s. 56(2)(viib). Addition deleted based on assessee's submission demonstrating proportional allotment to existing shareholders with unchanged shareholding ratios.
                                Note: It is a system-generated summary and is for quick reference only.
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