Clarification regarding applicability of section 56(2)(viia) of the Income-tax Act, 1961 for issue of shares by a company in which public are not substantially interested
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Applicability of section 56(2)(viia): fresh issue of shares falls within its scope and prior contrary circular withdrawn. Clarifies that the anti abuse provision in section 56(2)(viia) applies to fresh issuance of shares by companies not substantially interested by the public; Circular No. 10/2018 is disavowed and shall be treated as never having been expressed and not to be relied upon by any Income tax authority.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Applicability of section 56(2)(viia): fresh issue of shares falls within its scope and prior contrary circular withdrawn.
Clarifies that the anti abuse provision in section 56(2)(viia) applies to fresh issuance of shares by companies not substantially interested by the public; Circular No. 10/2018 is disavowed and shall be treated as never having been expressed and not to be relied upon by any Income tax authority.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.