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Court Rules Share Premium Not Taxable as Income; AO Misapplied Section 56(1) Instead of 56(2)(viib.

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....Taxability of share premium - company in which public are substantially interested - AO taxed u/s 56(1) - assessee has received share premium and AO has mandate to invoke only Section 56(2)(viib) and no other section - AO is not correct in bringing this capital investment as income which is not income as per section 2(24) - not taxable....

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