https://www.taxtmi.com/caselaws?id=779352 ITAT held additions under section 56(2)(viia) disallowing share allotments were illegal and set aside: the amendment targets transfers of unutilized/previously issued shares (e.g., rights transfers) and does not apply to fresh allotment/fresh issue of shares, so valuation-based additions on allotment were unsustainable. Separately, additions treating sundry debtors and related investments as unexplained/fictitious were also set aside where the AO's findings were internally inconsistent and could not support taxing alleged fictitious debtors in the prior year. en-us Tue, 30 Sep 2025 00:00:00 +0530 Sat, 04 Oct 2025 08:22:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779352 ITAT held additions under section 56(2)(viia) disallowing share allotments were illegal and set aside: the amendment targets transfers of unutilized/previously issued shares (e.g., rights transfers) and does not apply to fresh allotment/fresh issue of shares, so valuation-based additions on allotment were unsustainable. Separately, additions treating sundry debtors and related investments as unexplained/fictitious were also set aside where the AO's findings were internally inconsistent and could not support taxing alleged fictitious debtors in the prior year. Case-Laws Income Tax Tue, 30 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779352