Dear all,
The newly inserted clause treats the value of consideration over and above the FMV of shares of a Closely Help Company on issue of such shares as "Income From Other Sources". It is applicable from A.Y. 2013-14 i.e. P.Y. 2012-13.
My query is whether if the Share Application Money has been received in P.Y. 2011-12, however the alottment was done in P.Y. 2012-13; Would the section still be applicable for such allotment or would the date of receiving of consideration (share allotment money) be material and hence the provision be not applicable?
CAclubindia
