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Penalty u/s 271(1)(c) of income tax act of 1961
Penalty u/s 271(1)(c) on excess share premium received over fair market value of share by the assessee company chargeable or not. Please Advice
Thanks
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If the said details are concealed or not furnished then penalty will be payable. if you have disclosed then no issue. but the premium received by pvt ltd co is taxable as income from other sources.
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