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    Income Tax

    tion u/s. 56(2)(viib) - Issue of additional shares at premium...

    Tribunal Rules Share Split and Premium Issue Not Subject to Section 56(2)(viib) of Income Tax Act.

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    Income TaxApril 4, 2023Case LawsAT

    tion u/s. 56(2)(viib) - Issue of additional shares at premium while splitting the existing shares - As observed by the Tribunal in its aforesaid order, such allotment of additional shares would be akin to changing a one thousand rupee note for two five hundreds rupee notes. Accordingly, as stated by the Ld. AR, and, rightly so, the provisions of section 56(2)(viib) of the Act in the backdrop of the facts of the case before us could not have been triggered. - AT

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