https://www.taxtmi.com/caselaws?id=421139 The Tribunal allowed the appeal, setting aside the CIT(A)'s order and deleting the addition of Rs. 4,56,000. It held that Section 56(2)(vii)(c) was not applicable to the allotment of shares to existing shareholders, especially when the majority of shares were held by relatives. The Tribunal emphasized the distinction between allotment and receipt of shares and the non-taxability of transactions between close relatives. en-us Wed, 06 Apr 2022 00:00:00 +0530 Mon, 18 Apr 2022 08:09:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421139 The Tribunal allowed the appeal, setting aside the CIT(A)'s order and deleting the addition of Rs. 4,56,000. It held that Section 56(2)(vii)(c) was not applicable to the allotment of shares to existing shareholders, especially when the majority of shares were held by relatives. The Tribunal emphasized the distinction between allotment and receipt of shares and the non-taxability of transactions between close relatives. Case-Laws Income Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421139