COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION vs. M/S MYNTRA DESIGNS PVT LTD

The appeal is disposed of with liberty as prayed for by the learned counsel for

Bench: S.G.PANDIT,C.M. POONACHA

section 56(2)(viib) pertaining to share premium collected when asessee had been incurring huge loss and there was no justification provided for fixing such high share value and ignoring findings recorded in assessment order that common director of the assesse-company and investor- company namely, M/s.UKN Properties ltd had given a statement during the course of Survey conducted