Section 56(2)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 December 2010
Whether section 56(2) will apply on buy back of own shares u/s 77A of the Companies Act 1956, if a compnay buy back shares below the fair value of the shares.
CA Navin Jain
(Expert)
13 December 2010
Section 56(2)of the Income Tax Act, 1961 does not apply to a company. It applies only when the receipient is an Individual or HUF.
Manmohan ACA, CS
(Expert)
13 December 2010
completely agree
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