CBDT: Withdraws circular on Sec. 56(2)(viia) applicability to 'fresh' issuance of shares; Cites subjudice matters

Jan 05,2019

CBDT withdraws Circular no. 10 dated December 31, 2018 clarifying 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 ; Upon reconsideration of the matter, CBDT states that the term 'receives' used in Sec. 56(2)(viia) is pending before judicial forums and stakeholders have sought clarifications on similar provisions in Sec. 56 of the Ac...

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