Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
The dominant issue was whether share premium could be taxed as income under section 56(2)(viib) when the assessee had become a deemed public company. Since the assessee became a subsidiary of a public company in which the public were substantially interested, it qualified as a deemed public company under section 2(18). As section 56(2)(viib) excludes companies in which the public are substantially interested, the statutory condition for invoking section 56(2)(viib) failed; consequently, the share premium addition lacked legal foundation and was directed to be deleted, and the appeal was allowed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
