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Section 35D2 Section 682

M/S. KING ENTERTAINMENT PRIVATE LIMITED,NAWANSHAHR vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - II, JALANDHAR

In the result, the appeal of the assessee is partly allowed

ITA 523/ASR/2017[2005-06]Status: DisposedITAT Amritsar19 Dec 2019AY 2005-06

Bench: Sh. N. K. Choudhry & Sh. O. P. Meenai.T.A. No. 523/Asr/2017 Assessment Year: 2005-06

For Appellant: Written SubmissionsFor Respondent: Sh. Alok Kumar CIT-DR

Section 2Section 2(24)Section 271(1)(c)Section 35DSection 56Section 68

68 was inserted by Finance Act, 2012, w.e.f. 01.04.2013. Even according to clause (xvi) of section 2(24) of the Act, this consideration received for issue of shares as exceeds the fare market value of the shares referred to in clause (viib) of sub-section 2 of section 56 could be treated as income. However, no such