https://www.taxtmi.com/acts?id=16293 A new clause (viib) in section 56 treats, for a company not substantially publicly held, the aggregate consideration received on issue of shares from a resident to the extent it exceeds the shares' fair market value as relevant for tax; exclusions cover consideration received by a venture capital undertaking from specified venture capital entities and by companies from notified classes. Fair market value is determined by a prescribed method or by company substantiation to the Assessing Officer based on the value of assets, including specified intangible assets, on the date of issue. en-us Tue, 29 May 2012 11:56:52 +0530 Tue, 29 May 2012 11:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=16293 A new clause (viib) in section 56 treats, for a company not substantially publicly held, the aggregate consideration received on issue of shares from a resident to the extent it exceeds the shares' fair market value as relevant for tax; exclusions cover consideration received by a venture capital undertaking from specified venture capital entities and by companies from notified classes. Fair market value is determined by a prescribed method or by company substantiation to the Assessing Officer based on the value of assets, including specified intangible assets, on the date of issue. Act-Rules F. Acts / Amendment Acts Tue, 29 May 2012 11:56:52 +0530 https://www.taxtmi.com/acts?id=16293