23 September 2019
Anyone can subscribe to shares of a Urban Co-operative Bank (UCBs in Gujarat). However, If Shares of a Co-operative Bank are issued to Individual at Face Value of Rs. 100/- but the Book Value (As per Networth of the Bank as per bookvalue of closing balancesheet) of the Share is Rs. 500/-, then, whether difference of Rs. 400/- be treated as taxable income in the hands of Individual allotee of share u/s 56(2)(x) of IT Act amended w.e.f. AY 2018-19?
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