https://www.taxtmi.com/caselaws?id=792283 Section 56(2)(viib) applies only where a company receives consideration for issue of shares in excess of fair market value. On the facts stated, the assessee had purchased or subscribed to shares and had not received consideration for issue of shares, so the provision did not apply and the quantum addition failed. Because the penalty was dependent on the deleted addition, it could not survive independently and was also deleted as consequential. en-us Wed, 20 May 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792283 Section 56(2)(viib) applies only where a company receives consideration for issue of shares in excess of fair market value. On the facts stated, the assessee had purchased or subscribed to shares and had not received consideration for issue of shares, so the provision did not apply and the quantum addition failed. Because the penalty was dependent on the deleted addition, it could not survive independently and was also deleted as consequential. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792283