https://www.taxtmi.com/caselaws?id=762662 ITAT Chennai dismissed revenue's appeals against deletion of additions under Section 56(1) regarding share premium collected from non-resident companies. The Tribunal held that assessments under Sections 153A/153C for unabated assessments must be based on incriminating materials found during search, not post-search transfer pricing orders. Since TP orders were passed after the search date, they cannot form basis for additions. The Tribunal upheld that share premium is capital in nature per Vodafone India Services case and CBDT Instruction No. 2/2015, making Section 56(1) inapplicable. Revenue's appeals for assessment years 2013-14 and 2014-15 were dismissed. en-us Wed, 06 Nov 2024 00:00:00 +0530 Wed, 04 Dec 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762662 ITAT Chennai dismissed revenue's appeals against deletion of additions under Section 56(1) regarding share premium collected from non-resident companies. The Tribunal held that assessments under Sections 153A/153C for unabated assessments must be based on incriminating materials found during search, not post-search transfer pricing orders. Since TP orders were passed after the search date, they cannot form basis for additions. The Tribunal upheld that share premium is capital in nature per Vodafone India Services case and CBDT Instruction No. 2/2015, making Section 56(1) inapplicable. Revenue's appeals for assessment years 2013-14 and 2014-15 were dismissed. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762662