https://www.taxtmi.com/caselaws?id=372212 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s order. It was held that Section 56(2)(vii)(c) of the IT Act was not applicable as shares were allotted uniformly to existing shareholders. Section 17 was deemed inapplicable as the shares were not treated as perquisites. The A.O. was directed to grant credit for TDS on salary and interest to the assessee. The order was pronounced on 07/12/2018, with both Revenue appeals being dismissed. en-us Fri, 07 Dec 2018 00:00:00 +0530 Mon, 01 Jun 2026 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372212 The ITAT dismissed the Revenue's appeals, upholding the CIT(A)'s order. It was held that Section 56(2)(vii)(c) of the IT Act was not applicable as shares were allotted uniformly to existing shareholders. Section 17 was deemed inapplicable as the shares were not treated as perquisites. The A.O. was directed to grant credit for TDS on salary and interest to the assessee. The order was pronounced on 07/12/2018, with both Revenue appeals being dismissed. Case-Laws Income Tax Fri, 07 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372212