Sec. 56(2)(viib)

Assessee is private limited co , which is 100% subsidiary of listed Public Limited co. In the scrutiny proceedings for A.Y. 20-21, Assessing officer has show cause as to why the Share Premium received by the company in the financial year 2010-11 and 2012-13 and 2013-14 should not be added by invoking the provisions of Sec. 56(2)(viib) , since as per his interpretation the words used " any previous year" in the section authorizes him to make such addition. Assessee submitted that these provisions are not applicable for the share premium received in the F,Y, 2010-11 and 12-13 and even…

► Read Answer