https://www.taxtmi.com/caselaws?id=783801 The dominant issue was whether share premium received could be taxed as income under s.56(2)(viib) where the assessee was allegedly a company in which the public are substantially interested. The ITAT held that, upon acquisition of shares by a public limited company, the assessee became its subsidiary and therefore a deemed public company under s.2(18). Since s.56(2)(viib) excludes public companies in which the public are substantially interested, the statutory foundation for the addition failed. Consequently, the impugned addition under s.56(2)(viib) was directed to be deleted and the appeal was allowed. en-us Fri, 05 Dec 2025 00:00:00 +0530 Tue, 23 Dec 2025 07:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783801 The dominant issue was whether share premium received could be taxed as income under s.56(2)(viib) where the assessee was allegedly a company in which the public are substantially interested. The ITAT held that, upon acquisition of shares by a public limited company, the assessee became its subsidiary and therefore a deemed public company under s.2(18). Since s.56(2)(viib) excludes public companies in which the public are substantially interested, the statutory foundation for the addition failed. Consequently, the impugned addition under s.56(2)(viib) was directed to be deleted and the appeal was allowed. Case-Laws Income Tax Fri, 05 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783801