No addition u/s 56(2)(viib) when no money/ consideration was received – HC
July 27, 2024
High Courts, Income Tax
No addition u/s 56(2)(viib) when no money/consideration was received by assessee on issue of shares which were allotted merely on account of conversion of outstanding loans In a recent judgment, Hon’ble High Court of Himanchal Pradesh has held that no addition can be made u/s 56(2)(viib) when no …