https://www.taxtmi.com/caselaws?id=782199 ITAT Pune held that the relief granted by CIT(A) under s.56(2)(viib) was incorrectly extended to investments received from WEL, as WEL is not a SEBI-registered alternate investment fund. CIT(A) had wrongly applied the exemption available to investments by a SEBI-registered fund, which was applicable only to investments from Ascent Private Equity Trust. Observing that the assessee had filed valuation reports and documents to justify fair market value and source of funds, ITAT remitted the issue relating to share premium received from WEL to CIT(A) for fresh adjudication. The Revenue's appeal was allowed for statistical purposes, with directions to grant the assessee proper opportunity of hearing. en-us Tue, 04 Nov 2025 00:00:00 +0530 Wed, 26 Nov 2025 08:43:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782199 ITAT Pune held that the relief granted by CIT(A) under s.56(2)(viib) was incorrectly extended to investments received from WEL, as WEL is not a SEBI-registered alternate investment fund. CIT(A) had wrongly applied the exemption available to investments by a SEBI-registered fund, which was applicable only to investments from Ascent Private Equity Trust. Observing that the assessee had filed valuation reports and documents to justify fair market value and source of funds, ITAT remitted the issue relating to share premium received from WEL to CIT(A) for fresh adjudication. The Revenue's appeal was allowed for statistical purposes, with directions to grant the assessee proper opportunity of hearing. Case-Laws Income Tax Tue, 04 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782199