Relaxation from the conditions of issue of shares at premium in excess of Fire Market Value u/s 56(2)(viib) where approval has been granted by the Inter-Ministerial Board of Certification - 24/2018 - Income Tax Act, 1961
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Exemption from deemed income on share premium where Central Board approval exempts application of section 56(2)(viib). Exemption disapplies the deeming provision treating share issue consideration above face value as income under section 56(2)(viib) where the Central Board of Direct Taxes has approved the share issue under the GSR notification approval mechanism; the notification supersedes a prior one and is retrospective to the GSR notification's operative date.
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.
Exemption from deemed income on share premium where Central Board approval exempts application of section 56(2)(viib).
Exemption disapplies the deeming provision treating share issue consideration above face value as income under section 56(2)(viib) where the Central Board of Direct Taxes has approved the share issue under the GSR notification approval mechanism; the notification supersedes a prior one and is retrospective to the GSR notification's operative date.
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