Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
Section 56(2)(vii)(c) is discussed as applying where shares or securities are received from another person for inadequate consideration. The notes distinguish a fresh allotment from a transfer of existing property: newly issued shares arise from unissued share capital and do not pre-exist as property transferred by another person. On a strict construction of the deeming provision, the term "receives" is treated as requiring prior existence of the property. The discussion records that the provision was considered inapplicable to fresh share allotments, resulting in deletion of the related additions; the Revenue's challenge based on a sibling's earlier case was treated as academic.
Section 56(2)(vii)(c) is discussed as applying where shares or securities are received from another person for inadequate consideration. The notes distinguish a fresh allotment from a transfer of existing property: newly issued shares arise from unissued share capital and do not pre-exist as property transferred by another person. On a strict construction of the deeming provision, the term "receives" is treated as requiring prior existence of the property. The discussion records that the provision was considered inapplicable to fresh share allotments, resulting in deletion of the related additions; the Revenue's challenge based on a sibling's earlier case was treated as academic.
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