2023 (8) TMI 1480

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....R.BASKARAN (AM) :- The assessee has filed this appeal challenging the order dated 14.3.2023 passed by the learned CIT(A), National Faceless Appeal Centre, Delhi and it relates to A.Y. 2014-15. The assessee is aggrieved by the decision of the learned CIT(A) in confirming the addition of Rs. 1,41,11,192/- made by the under section 56(2)(viib) of the I.T. Act. 2. None appeared on behalf of the ....

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....e Assessing Officer took the view that the share premium received over and above share value of Rs. 663/- is assessable under section 56(2)(viib) of the Act. Accordingly he assessed the excess share premium amount of Rs. 1,41,11,192/- under section 56(2)(viib) of the Act. 4. Before the learned CIT(A), the assessee submitted that it had borrowed money from certain persons in the past and a part ....

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....s filed this appeal before the Tribunal. 5. The undisputed fact remains in this case is that the shares premium collected by the assessee was more than the valuation arrived at by the auditor in the valuation report. The question is whether the conversion of loan taken in the past into equity shares with share premium would be hit by the provisions of sec.56(2)(viib) of the Act. We notice that ....