https://www.taxtmi.com/caselaws?id=405865 The Tribunal held that Section 56(2)(viib) of the Income Tax Act does not apply to non-resident companies for consideration received from the issuance of shares. The Assessing Officer's enquiry into the premium on shares was deemed adequate, and the order was found not to be erroneous or prejudicial to Revenue. The Principal Commissioner of Income Tax lacked jurisdiction under Section 263, as the AO's decision was based on a valid enquiry. Consequently, the PCIT's order was set aside, and the original assessment order was restored, ruling in favor of the assessee. en-us Thu, 25 Mar 2021 00:00:00 +0530 Wed, 31 Mar 2021 08:52:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405865 The Tribunal held that Section 56(2)(viib) of the Income Tax Act does not apply to non-resident companies for consideration received from the issuance of shares. The Assessing Officer's enquiry into the premium on shares was deemed adequate, and the order was found not to be erroneous or prejudicial to Revenue. The Principal Commissioner of Income Tax lacked jurisdiction under Section 263, as the AO's decision was based on a valid enquiry. Consequently, the PCIT's order was set aside, and the original assessment order was restored, ruling in favor of the assessee. Case-Laws Income Tax Thu, 25 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405865