Sec 56(2)(viib) application money received in 2011-12

Section 56(2)(vii b) would not be applicable in that case.Section 54(2)(viib) is w.e.f 01/04/2013 ( A.Y 2013-14 and onwards) specifically provides that any amount received in any previous year i.e from P.Y 2012-13..therefore shares were allotted in P.Y 2012-13 but the application money is received in P.Y 2011-12. Section 56 (2)(viib) does not apply

Section 56(2)(vii b) would not be applicable in that case.Section 54(2)(viib) is w.e.f 01/04/2013 ( A.Y 2013-14 and onwards) specifically provides that any amount received in any previous year i.e from P.Y 2012-13..therefore shares were allotted in P.Y 2012-13 but the application money is received in P.Y 2011-12. Section 56 (2)(viib) does not apply

Thanks a lot Anu.. I had the same interpretation.. Was looking for clarification... The doubt is about the fact that the essence of taxation is the allotment of shares. Wont that be material for deciding taxability?

As per my interpretation it should not matter as to when it is allotted