https://www.taxtmi.com/highlights?id=67799 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 en-us Thu, 19 Jan 2023 12:56:32 +0530 Thu, 19 Jan 2023 12:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67799 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 Highlights Income Tax Thu, 19 Jan 2023 12:56:32 +0530 https://www.taxtmi.com/highlights?id=67799