https://www.taxtmi.com/caselaws?id=762077 ITAT Ahmedabad upheld addition under Section 56(2)(viib) for excess share premium received by assessee. The tribunal rejected assessee's contention that conversion of loans into share capital wouldn't attract the provision, holding that "consideration" has wide implication beyond cash receipts. The tribunal found significant unexplained fluctuation in share premium (Rs. 90 per share in November 2012 versus Rs. 31.67 in March 2013) within same financial year suspicious. Despite assessee's valuation report, Revenue correctly concluded it was afterthought to justify inflated premium. Appeal dismissed, confirming CIT(A)'s order upholding addition for excess premium over fair market value. en-us Thu, 21 Nov 2024 00:00:00 +0530 Sat, 23 Nov 2024 08:01:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762077 ITAT Ahmedabad upheld addition under Section 56(2)(viib) for excess share premium received by assessee. The tribunal rejected assessee's contention that conversion of loans into share capital wouldn't attract the provision, holding that "consideration" has wide implication beyond cash receipts. The tribunal found significant unexplained fluctuation in share premium (Rs. 90 per share in November 2012 versus Rs. 31.67 in March 2013) within same financial year suspicious. Despite assessee's valuation report, Revenue correctly concluded it was afterthought to justify inflated premium. Appeal dismissed, confirming CIT(A)'s order upholding addition for excess premium over fair market value. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762077