CBDT: Sec. 56(2)(viia) inapplicable to receipt of 'freshly issued shares' by closely held co.

Dec 31,2018

CBDT clarifies that Sec. 56(2)(viia) shall not be applicable in cases of receipt of shares by a closely held company(specified company) or a firm as a result of fresh issuance of shares ; Takes note of representations that the term 'receives' used in Sec. 56(2)(viia), being of wider import, might lead to "taxation of income in the cases where the shares are received by a firm or specified company as a result of the fresh issuance of shares including by way of issu...

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