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ITAT held that for a 100% subsidiary of a listed parent company, Section 56(2)(viib) does not apply when shares are issued at premium. The tribunal determined that since the assessee is a wholly owned subsidiary of a listed entity, it qualifies as a company with substantial public interest. Following precedent in a similar case, the tribunal upheld the lower appellate authority's order, finding no infirmity in the interpretation. Consequently, the revenue's appeal was dismissed, and the additions made by the Assessing Officer were deleted, affirming the subsidiary's exemption from the specified tax provision.
ITAT held that for a 100% subsidiary of a listed parent company, Section 56(2)(viib) does not apply when shares are issued at premium. The tribunal determined that since the assessee is a wholly owned subsidiary of a listed entity, it qualifies as a company with substantial public interest. Following precedent in a similar case, the tribunal upheld the lower appellate authority's order, finding no infirmity in the interpretation. Consequently, the revenue's appeal was dismissed, and the additions made by the Assessing Officer were deleted, affirming the subsidiary's exemption from the specified tax provision.
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