Shalby Ltd faces ₹4.14 Cr demand from ITAT over share premium

Shalby Ltd has received an order from the Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench, dated March 16, 2026, disallowing the company's appeal and demanding Rs. 4.14 crore. The demand relates to an issue where Shalby Surat Hospital Pvt. Ltd. (SSHPL), prior to its demerger, issued unquoted shares at a premium based on a valuation report. The Assessing Officer had previously disallowed this premium and added it to income under Section 68. Shalby Ltd received the ITAT order on April 10, 2026. The company states there is no immediate financial implication as it plans to contest the order at appropriate forums, expecting a favorable outcome.