56 (2)(viib)
This query is : Resolved
08 May 2014
If Company "A" received share application money from Company "B" in the financial year 2011-12 and is allotting shres now in FY 2014-15. Would Sec 56(2)(viib)be applicable to Company A if shares are allotted at premium in the FY 2014-15 to Company B?
Nikhil Kaushik
(Expert)
08 May 2014
the section triggers in the year in which the consideration was received. in your case the consideration was received before 1 April 2013, so this section won't apply. however, section 68 might still apply..
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