https://www.taxtmi.com/caselaws?id=458310 The ITAT Jaipur dismissed the Revenue's appeal regarding addition under section 56(1) for share premium, holding that provisions of section 56(2)(viib) are applicable only from AY 2013-14 onwards and cannot be applied retrospectively. The CIT(A) correctly deleted the addition as share premium received cannot be considered income under section 56(1) for the year under consideration. However, for AY 2013-14, the ITAT directed the AO to calculate fair market value of shares under section 56(2)(viib) and tax only the excess amount received over fair market value, allowing the Revenue's appeal for statistical purposes. en-us Thu, 02 Nov 2017 00:00:00 +0530 Thu, 17 Oct 2024 18:01:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458310 The ITAT Jaipur dismissed the Revenue's appeal regarding addition under section 56(1) for share premium, holding that provisions of section 56(2)(viib) are applicable only from AY 2013-14 onwards and cannot be applied retrospectively. The CIT(A) correctly deleted the addition as share premium received cannot be considered income under section 56(1) for the year under consideration. However, for AY 2013-14, the ITAT directed the AO to calculate fair market value of shares under section 56(2)(viib) and tax only the excess amount received over fair market value, allowing the Revenue's appeal for statistical purposes. Case-Laws Income Tax Thu, 02 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458310