Relaxation from the conditions of issue of shares at premium in excess of Fire Market Value u/s 56(2)(viib) where approval has been granted by the Inter-Ministerial Board of Certification - 24/2018 - Income Tax

Superseded vide NOTIFICATION NO. 13/2019 dated 05-03-2019 MINISTRY OF FINANCE (Department of Revenue) (Central Board of Direct Taxes) NOTIFICATION NO. 24/2018 New Delhi, the 24th May, 2018 INCOME-TAX S.O. 2088(E). -In exercise of the powers conferred by the clause (ii) of the proviso to clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification number S.O. 1160 dated 14th June, 2016 issued by Department of Revenue, Central Board of Direct Taxes, the Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to 1 [ consideration received by a company from an investor for issue of shares that exceeds the face value of such shares, if such issue of shares is approved by the Central Board of Direct Taxes under para 4 of notification number G.S.R. 364(E) dated 11th April, 2018 and published in the Gazette of India, Extraordinary, Part II Section 3, Sub-section (i) dated the 11th April, 2018 issued by Department of Industrial Policy and Promotion as modified by notification number 34(E) dated 16th January, 2019 and published in the Gazette of India, Extraordinary, Part II Section 3, Sub-section (i) dated the 16th January, 2019 ] . 2. This notification shall be deemed to have come into force retrospectively from the 11th April, 2018. [F. No.370142/5/2018-TPL (Pt)] PRAVIN RAWAL, Director (Tax Policy and Legislation) ********** Notes 1. Substituted vide NOTIFICATION NO. 9/2019 dated 31-01-2019 before it was read as consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the approval granted by the Inter-Ministerial Board of Certification under clause (i) of sub-para (3) of para 4 of the notification number G.S.R. 364(E), dated 11 th April, 2018 and published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) dated the 11th April, 2018 issued by the Department of Industrial Policy and Promotion.