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Share premium received by closely held company Sec. 56(2)(viib)

Income Tax - Income from Other Sources - 04 - SEC 56(2)(viib) - SHARE PREMIUM RECEIVED BY CLOSELY HELD COMPANY Where a company not being a public company, receives in any previous year from any person, being a RESIDENT any consideration for issue of shares that exceeds the face value of such shares then- Aggregate consideration received for such shares - Fair market value of the shares shall be income from other sources in the hands of the company. NON APPLICABILITY OF SECTION 56(2)(viib) This s .....

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