Addition u/s 56(2)(viia) - purchase of shares of closely held ...
Court Upholds Deletion of Additions u/s 56(2)(viia) for Share Purchase Exceeding Book Value in Tax Case.
June 20, 2023
Case Laws Income Tax AT
Addition u/s 56(2)(viia) - purchase of shares of closely held company at 3.5 times of Book value - the provision of section 56(2)(viia) would be attracted in the case of a recipient firm or company which receives the shares of a company without any consideration or for a consideration which is less than the aggregate fair market value of the shares by an amount exceeding fifty thousand rupees. - CIT(A) rightly deleted the additions - AT
View Source