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No angel tax if assessee is step-down subsidiary of a Public Co. listed in stock Exchange: ITAT

June 5, 2019[2019] 105 taxmann.com 254 (Hyderabad - Trib.)/[2019] 176 ITD 724 (Hyderabad - Trib.)
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IT: Where Assessing Officer made additions to income of assessee-company by invoking provisions of section 56(2)(viib) in respect of excess share premium received by it, since assessee was second level subsidiary of a company in which public was substantially interested, assessee's case would not fall under section 56(2)(viib), thus, impugned addition made by Assessing Officer was unjustified

IT: Difference between value of actual investment and value as on balance sheet is not dividend income and, hence, section 14A could not be invoked

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