share
and therefore, the transactions attract provisions of section 56(2)(viia) of the
I.T. Act. Therefore, the A.O. issued a show cause ... submitted
a detailed note as to why the provisions of section 56(2)(viia) are not
applicable to the assessee's case
56(2)(viia) and section
56(2)(x) of the IT Act). Since, the rule prescribed for section 56(2)(viib) has been kept
unaltered ... 56(2)(viia) and section 56(2)(x) of the IT Act). Since, the rule prescribed for section
56(2)(viib) has been kept unchanged
56 (2) (viia) r/w Rule-11UA is not applicable at all.
2.3 That without prejudice, since the workings u/s.56 (2)
(viia ... 2. The facts in brief qua the issue of addition of
Rs.135,11,67,220/- made u/s. 56(2)(viia) read with Rule
Disallowance of expenses claimed u/s 35(1)(iii) of the Act.
(c) Addition made u/s 56(2)(viia ... sec.56(2)(viia) of the Act
to this transaction of buy back. The said provisions read as under:-
"56(2)(viia) where
share and therefore, the
transactions attract provisions of section 56(2)(viia) of the I.T. Act. Therefore, the A.O. issued a
show cause ... submitted a detailed note as to why
the provisions of section 56(2)(viia) are not applicable to the assessee's case
share by
invoking the provisions of section 56(2)(viia) of the Act.
6. The brief facts are that the assessee company has brought
back ... than the fair market
value in term of provisions of section 56(2)(viia) of the Act r.w.Rule
11UA of the Income
made by the
AO by applying the provisions of Section 56(2) (viia) of
the Income Tax Act, 1961, without appreciating the
detailed reasons given ... property" in the hand within the
meaning of Section 56(2)(viia) of the Income
Credit under Section 115JAA of
Rs.15,74,84,200/- was raised on account of income under Section
56(2)(viia ... above
1
(SC) 237 ITR 13
2
(Mad) 241 ITR 248
9
income u/s 56(2)(viia) has not been considered either
viia) of the Act is an extension of section 56(2)(vii) and
section 56(2)(viia) of the Act is applicable only ... that section 56(2)(vii) of the Act is applicable to the individual
and HUF only and section 56(2)(viia
2
ITA.No.1187/Hyd/2018
3. The Ld.ClT (Appeals) erred in holding that provisions of sec.56
(2) (viia) are not applicable ... definition of amalgamation
provided under section 2(IB) cannot be read into by reference in
section 56(2)(viia
