Amendment of section 56(2)

Dear All,

There is a proposed amendment of section 56(2), relating to receipt of excess money over fair market value for the shares of closely held company. The amendment will take effect from the 1st April, 2013.

Please tell me whether it has any retrospective effect i.e., whether the income of previous year 2011-12 will come under the perview of the amendment?

Awaiting for early reply