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Applicability of Sec 56 (vii)
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....pplicability of Sec 56 (vii)<br> Query (Issue) Started By: - MANOJKUMAR KABRA Dated:- 25-2-2013 Last Reply Date:- 21-3-2015 Income Tax<br>Got 1 Reply<br>Income Tax<br>An existing private ltd company....
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.... issuing further shares to only few existing shareholder at face value.?? Weather this attracts Sec 56(vii) ? Reply By Rama Krishana: The Reply: The provisions do not talk about the face value. It ....
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....talk about the fair market value. In general as I understand, fair market value may not be more than fair market value in case of ongoing company. The income is taxable which is in excess of fair mar....
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....ket value. It is a question of facts. But, you have fair chance to prove your side.<br> Discussion Forum - Knowledge Sharing ....