Excess share premium not taxable merely because assessee failed to file valuation report during original assessment

INCOME TAX : Where assessee company issued shares at premium and had filed valuation report of shares from independent Chartered Accountant as well as from statutory auditor of company which was based on assets of company and said report was also supported by valuation report of Chartered Engineer, provisions of section 56(2)(viib) could not be invoked to tax share premium collected by assessee merely for reason that such valuation report was not filed at time of original assessment proceedingsINCOME TAX : Where assessee company issued shares at premium and had filed valuation report of shares from independent Chartered Accountant as well as from statutory auditor of company which was based on assets of company and said report was also supported by valuation report of Chartered Engineer, provisions of section 56(2)(viib) could not be invoked to tax share premium collected by assessee merely for reason that such valuation report was not filed at time of original assessment proceedingswww.taxmann.com Latest Case LawsRead More

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