Addition u/s. 56(2)(vii)(c) - additional 82,200 shares allotted ...

Income Tax

September 26, 2023

Addition u/s. 56(2)(vii)(c) - additional 82,200 shares allotted to assessee due to renouncement of rights by wife & father of the assessee - the aim and intention behind amending the provision of Sec. 56 is to prevent the practice of transferring unutilized shares at a price which are allotted for the first time by way of right shares. The amendment is therefore never meant to aim the “fresh issue” or “fresh allotment” of shares by a company. - ITAT rightly deleted the additions - HC

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Addition u/s. 56(2)(vii)(c) - additional 82,200 shares allotted ...

Income Tax

September 26, 2023

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