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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.

            <h1>Gift taxation of closely held company shares under section 56(2)(viia) applies to transfers for no or inadequate consideration.</h1> Receipt of shares by a firm or non-public company is taxable under Section 56(2)(viia) where shares are received without consideration or for inadequate consideration: if aggregate fair market value exceeds the threshold the FMV is taxed, and where consideration is less than FMV by more than the threshold the excess of FMV over consideration is taxed; exceptions include specified non-transfer share receipts in business reorganisations and fresh issues.

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