HC to examine Sec. 56(2)(vii) taxability on share-allotment under 'rights issue'

Sep 11,2018

Bombay HC admits Revenue's appeal against Mumbai ITAT ruling in Sudhir Menon HUF case; Though ITAT had ruled that Sec 56(2)(vii)(c) [providing for taxation of 'receipt of property for inadequate consideration'] is applicable to 'rights issue' of shares, it had deleted addition in assessee-HUF's case in absence of disproportionate allotment; ITAT had ruled that once shares are allotted pro-rata to the shareholders based on their existing holdings, there is no scope...

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