https://www.taxtmi.com/caselaws?id=413114 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objections. The additions made by the Assessing Officer were deleted as the allotment of shares was found to be proportionate and constituted a genuine business transaction, not falling under the anti-abuse provisions of Section 56(2)(vii)(c)(ii) of the Income-tax Act. The decision was pronounced on 1st October 2021. en-us Fri, 01 Oct 2021 00:00:00 +0530 Thu, 30 Dec 2021 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413114 The Tribunal dismissed the revenue's appeal and partly allowed the assessee's cross-objections. The additions made by the Assessing Officer were deleted as the allotment of shares was found to be proportionate and constituted a genuine business transaction, not falling under the anti-abuse provisions of Section 56(2)(vii)(c)(ii) of the Income-tax Act. The decision was pronounced on 1st October 2021. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413114