Provisions of 'angel tax' is applicable in year of issue of shares and not year of receipt of premium: ITAT

INCOME TAX : Where assessee issued/allotted equity shares at a premium, however, did not file any valuation report to substantiate fair market value of shares issued in terms of section 56(2)(viib)(a)(i) and rule 11UA, Assessing Officer could not have accepted intrinsic value without calling for a value in terms of rule 11UA to find out whether class (i) or class (ii) of Explanation (a) to section 56(2)(viib) would be applicable

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