Share premium received by closely held company - Section 56(2)(viib)

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....being a public company, receives in any previous year from any person, being a RESIDENT [Shall be omitted w.e.f. 01-04-2024, Amendment by FA, 2023] any consideration for issue of shares that exceeds the face value of such shares then- * Aggregate consideration received for such shares - Fair market value of the shares * Fair market value of the share shall be the higher of the value - (i) as....

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....om a class or classes of persons as may be notified by the central government in this behalf. * Where the provisions of this clause have not been applied to a company on account of fulfilment of conditions specified in the notification issued under clause (ii) of the first proviso and such company fails to comply with any of those conditions, then, any consideration received for issue of share t....