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.

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Section 56(2)(viia) limited to transfers of shares for no or inadequate consideration; fresh issuances excluded from its scope. Section 56(2)(viia) applies only where a specified company or firm receives shares of a specified company through transfer for no or inadequate consideration as an anti abuse measure; it does not apply to receipt of shares resulting from fresh issuances such as bonus, rights or preference shares by the specified company.

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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.

Section 56(2)(viia) limited to transfers of shares for no or inadequate consideration; fresh issuances excluded from its scope.

Section 56(2)(viia) applies only where a specified company or firm receives shares of a specified company through transfer for no or inadequate consideration as an anti abuse measure; it does not apply to receipt of shares resulting from fresh issuances such as bonus, rights or preference shares by the specified company.

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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.

Section 56(2)(viia) limited to transfers of shares for no or inadequate consideration; fresh issuances excluded from its scope.

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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.

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Section 56(2)(viia) limited to transfers of shares for no or inadequate consideration; fresh issuances excluded from its scope.

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