2025 (3) TMI 605

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er dated 13.09.2022 with the following substantial questions of law: "1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in deleting addition made under section 56 (2) (viib) of the Act amounting to Rs.33,71,77,500 towards share premium collected from closely held company which is contrary to the intention lying behind the introduction of the said provision to bring to tax the unaccounted income brought into books of account through unwarranted or unjustified share premium by Corporate entities"? 2. Whether on the facts and in the circumstances of the case, the Tribunal's order is perverse in nature in deleting the addition made under section 56 (2) (viib) amounting to Rs. 33,71,77,500 pertaining....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....from the Balance Sheet of the assess that there is Rs.33,71,77,500 received as securities premium credited on share issue. AR was asked vide order sheet noting dated 19.01.2016 to furnish the details of share issued along with share premium. AR of the assessee vide submission dated 25.02.2016 furnished the details of shares issued along with share premium details. During the A.Y. 2013-14 company has allotted 2,04,35,000 equity shares of Rs.10 each at premium of Rs.165 per share. Company has allotted shares as under. Parties to whom share allotted No. of shares Face Value of Share Value of Premium/share M/s UKN Properties Pvt Ltd 13,00,000 Rs. 10 Rs. 165 M/s Kshema Geo Holdings Pvt Ltd 6,33,000 Rs. 10 Rs. 165 Mr. Gautam Nambis....