ITAT deleted additions made towards excess premium received as shares were sold at higher price in next FY

INCOME TAX : Where assessee sold shares to a non-resident company and Assessing Officer observing difference between share premium received in excess of valuation as determined under rule 11UA treated same as income from other sources as per provisions of section 56(2)(viib), since those very shares were sold in next financial year at much higher amount to a non-resident buyer and, further, there was no case of unaccounted money being brought in by assessee in garb of stated share premium, impug

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