Sec.56(2)(viia) not applicable to fresh issue of shares of company

P C Agrawal (Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)   (8224 Points)

02 January 2019  

Very important clarification dated 31.12.2018 from CBDT :  Section 56(2)(viia) not applicable to fresh issue of shares by a company in which public are not substantially interested.  It is applicable only in case of transfer of shares.

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