https://www.taxtmi.com/caselaws?id=442043 The appeal by the Revenue against the deletion of addition of share premium received under section 56(2)(viib) of the Income Tax Act, 1961 was dismissed. The assessing officer's decision to add the share premium was deemed arbitrary and erroneous, with criticisms of incorrect valuation considerations and calculations. The National Company Law Tribunal's moratorium under the Insolvency and Bankruptcy Code prevented further proceedings against the corporate debtor, leading to the dismissal of the appeal. Additionally, the appellant's challenge of the assessment completed by the assessing officer at a higher income amount than returned was also dismissed due to the NCLT's intervention. en-us Mon, 21 Aug 2023 00:00:00 +0530 Wed, 23 Aug 2023 09:07:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442043 The appeal by the Revenue against the deletion of addition of share premium received under section 56(2)(viib) of the Income Tax Act, 1961 was dismissed. The assessing officer's decision to add the share premium was deemed arbitrary and erroneous, with criticisms of incorrect valuation considerations and calculations. The National Company Law Tribunal's moratorium under the Insolvency and Bankruptcy Code prevented further proceedings against the corporate debtor, leading to the dismissal of the appeal. Additionally, the appellant's challenge of the assessment completed by the assessing officer at a higher income amount than returned was also dismissed due to the NCLT's intervention. Case-Laws Income Tax Mon, 21 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442043