https://www.taxtmi.com/caselaws?id=360928 The Court upheld the assessing officer's jurisdiction to assess share premium as income from other sources under Section 56(2)(viib) of the Income Tax Act, ruling that it was within the scope of the issue identified in the notice under Section 143(2). The assessment was deemed compliant with circulars issued by the Central Board of Direct Taxes, as the assessing officer did not exceed the scope of the identified issue. The Court dismissed the writ petition, allowing the petitioner to challenge the assessment order in appeal under the statute. en-us Tue, 22 May 2018 00:00:00 +0530 Fri, 25 May 2018 09:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360928 The Court upheld the assessing officer's jurisdiction to assess share premium as income from other sources under Section 56(2)(viib) of the Income Tax Act, ruling that it was within the scope of the issue identified in the notice under Section 143(2). The assessment was deemed compliant with circulars issued by the Central Board of Direct Taxes, as the assessing officer did not exceed the scope of the identified issue. The Court dismissed the writ petition, allowing the petitioner to challenge the assessment order in appeal under the statute. Case-Laws Income Tax Tue, 22 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360928