Section 56(2)(viia)
This query is : Resolved
10 October 2012
Whether section 56(2)(viia) is also applicable to fresh issue of share capital? A private company has issued recently fresh issue of equity shares Rs. 20 Lakh to a private company at Rs.10 having face value Rs.10/- although at the time of issue of fresh share capital book vaule of share is Rs.250/- Whether Rs.240/-(250-10) per share is income under section 56(2)(viia) of Income Tax Act,1961.
13 October 2012
Section 56(2)(viia) is applicable to each and every issue of shares to a firm or a private company.
Accordingly in the above case, Section 56(2)(viia) shall be applicable if more than 209 shares are issued.
Accordingly in the above case, Section 56(2)(viia) shall be applicable if more than 209 shares are issued.
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