https://www.taxtmi.com/caselaws?id=408604 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], determining that the assessee company qualified as a "company in which the public is substantially interested," exempting it from Section 56(2)(viib) of the Income Tax Act, 1961. The ITAT emphasized procedural fairness, highlighting the Assessing Officer's failure to provide opportunities for the assessee to justify share premium based on commercial justifications and the violation of principles of natural justice. As a result, the Revenue's appeal was dismissed, and the assessee's cross-objection was deemed not pressed. en-us Thu, 10 Jun 2021 00:00:00 +0530 Wed, 16 Jun 2021 10:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408604 The Income Tax Appellate Tribunal (ITAT) upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)], determining that the assessee company qualified as a "company in which the public is substantially interested," exempting it from Section 56(2)(viib) of the Income Tax Act, 1961. The ITAT emphasized procedural fairness, highlighting the Assessing Officer's failure to provide opportunities for the assessee to justify share premium based on commercial justifications and the violation of principles of natural justice. As a result, the Revenue's appeal was dismissed, and the assessee's cross-objection was deemed not pressed. Case-Laws Income Tax Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408604