Provision of angel tax not applicable if share application money is received from non-resident: ITAT

INCOME TAX: Where AO treated share application money received from non-residents as income of assessee and brought same to tax under head 'income from other sources', in view of fact that assessee had received said amount from non-residents and, moreover, shares had been subscribed at face value and there was no premium whatsoever, provisions of section 56(2)(viib) would not apply and, therefore, impugned addition made by Assessing Officer was to be deleted

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