amendment in section 56, Income Tax

[shweta Jain]

Is there any new amendment in section 56 of income tax

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[MARIAPPAN GOVINDARAJAN]

There is no new amendment to Section 56 of the Income Tax Act after the amendments made vide Finance (No. 2) Act, 2014. However the insertion of clause (ix) after Section 56(2)(viii) comes into effect from 01.04.2015.

(ix) any sum of money received as an advance or otherwise in the course of negotiations for transfer of a capital asset, if, -

(a) such sum is forfeited; and

(b) the negotiations do not result in transfer of such capital asset.