Sec. 2(24)(xi), 56 & 56(2)(viib) of Income-tax Act, 1961 —  Income from other sources — Revenue preferred the appeal against the order of CIT(A) in deleting the addition of share premium and share capital added by the learned AO under s. 56(1) of the Act. The assessee is engaged in the business of import and wholesale trading in branded readymade garments. ITAT dismissed the appeal of the revenue holding that:- the issue of share and the conversion of CCPPS cannot be regard as sham or non genuine having regard to the aforesaid facts and observations and more especially the entire details of the investors were duly provided and the same were also subjected to due approval received from FIP and necessary statutory returns were also filed in the prescribed form with RBI. CIT(A) had given a categorical observation that no fresh monies have been received into the books of the company during the year these preference share were already lying in the books of the assessee company which stood converted into equity shares, these facts remain uncontroverted by the Departmental Representative — DY. CIT Vs. BMI WHOLESALE TRADING (P) LTD. [2020] 203 TTJ 797 (ITAT-MUMBAI)