Wholly Owned Subsidiary

ITAT Deletes Section 56(2)(viib) Addition on Share Premium Between Holding Company and Wholly-Owned Subsidiary The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition made under Section 56(2)(viib) of the Income-tax Act, holding that the anti-abuse provision cannot be invoked where shares are issued by a wholly-owned subsidiary to its holding…