The Mumbai bench of the Income Tax Appellate Tribunal has ruled that premium earned on allotment of preference shares by a loss-making entity cannot be taxed. The tribunal said the valuation of shares is not relevant for determining the genuineness of the transaction. The assessee company Piramal Realty Pvt. Ltd is engaged in the business […]
The post Premium earned on Allotment of Preference Shares by a Loss-Making entity can’t be Taxed: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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