Transactions Between Holding & Subsidiary For Issuance Of Shares Not Covered U/S 56(2)(viib) Of IT Act: Delhi ITAT Quashes Revision Against OYO

The Delhi ITAT quashed a revision against OYO, ruling that transactions between holding and subsidiary companies for the issuance of shares are not covered under Section 56(2)(viib) of the Income Tax Act. This decision clarifies the tax treatment of share issuance transactions. It ensures that legal interpretations are consistent. This ruling underscores the need for clear guidelines on income tax laws. It emphasizes the importance of fair assessments. The ITAT's order protects the rights of taxpayers.