DY COMMISSIONER OF INCOME TAX , CIRCLE-1, NAGPUR vs. M/S NIHAL GITS PVT.LTD , NAGPUR

ITA 95/NAG/2018Status: DisposedITAT Nagpur25 October 2024AY 2012-2013Bench: SHRI V. DURGA RAO (Judicial Member)18 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the receipt of share premium on the issue of fresh shares is a capital receipt and not chargeable to tax. The provisions of Section 56(2)(viib) and the proviso to Section 68 were not applicable for the assessment year 2012-13.

What were the facts?

The Assessing Officer added the share premium received by the assessee company as income, considering it a non-genuine transaction. The assessee argued that the share premium was on capital account and that any issue with the shareholders should be addressed in their individual assessments.

What were the issues?

Whether share premium received by a company is taxable as income, and whether the provisions of Section 56(2)(viib) and the proviso to Section 68 are applicable retrospectively.

Which sections of the Income-tax Act were involved?

Section 68,Section 56(2)(viib)

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Cases cited in this judgment(17)Show list

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Income Tax Appellate Tribunal, NAGPUR BENCH, NAGPUR

Before: SHRI V. DURGA RAO & SHRI K.M. ROY, ACCOUNTANT, MEMBER

For Appellant: Shri Abhay Agrawal
For Respondent: Shri Abhay Y. Marathe

PER K.M. ROY, A.M.

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