10 June 2017
A Private Limited company allotted shares to one director during F.Y. 2014-15 case is under scrutiny at ITO. In that period the FMV of shares was Rs. 60/- per share. But allotment made at Rs. 10/- per share. Now the AO is going to taxed it in the hands of director under section 56(2) of I.T. Act, 1961.
Please suggest me is there any way to avoid the tax & penalty in the hands of director.
CAclubindia
