Held that the additional shares were issued to its existing shareholders on a pro rata basis of their existing shareholding, the provision of section 56(2)(viib) cannot be applied (AY. 2015-16)
Chhattisgarh Metaliks & Alloys (P)Ltd. v. ITO (2022) 220 TTJ 99 / 219 DTR 18 (Raipur)(Trib)
S. 56 : Income from other sources-Share premium-The additional shares of the assessee-company were issued and allotted on a pro rata basis to the existing shareholders-Addition is not justified. [S. 56(2)(viib)]