Revenue's Sec 56(2)(viia) flip-flop comes into play in National Herald case

Jan 08,2019

SC posts the National Herald re-assessment matter for January 29th, AO had reopened the assessments alleging that the difference between the Fair Market Value (FMV) of the shares of Young Indian (YI) and the cost of acquisition of those shares by assessees was their income for AY 2011-12; Congress leaders refer to the CBDT circular of December 31st on Sec. 56(2)(viia) applicability and its subsequent withdrawal, upon which SC directs assessees to place the same on...

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