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        Case ID :
        Income Tax

        Addition u/s 56 - allotment of shares cannot be equated with...

        Section 56 Clarified: Share Allotment vs. Receipt; Transactions with Relatives Exempt from 'Other Income' Taxation.

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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.
                                Addition u/s 56 - allotment of shares cannot be equated with receipt of shares - receipt of share there should be shares in existence and a person holding such share transferring it to another person.There is no dispute that existing shareholders prior to fresh allotment was the assessee and his relatives and the provisionsof section 56(2)(viii)(c)(ii) shall not apply in case of money or any property received from any close relative - The transaction between the close relatives is not taxable under the head 'income from other sources u/s 56(2) of the Act. - Addition deleted - AT
                                Note: It is a system-generated summary and is for quick reference only.
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