Section 56(2)(viib): Excess Value of Redeemable Non-Cumulative Preference Shares Subject to Taxation Under Income Tax Act.

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....Deemed income u/s 56(2) - consideration for issue of shares that exceeds the face value of such shares - redeemable non-cumulative preference shares (RNCPS) - RNCPS cannot be excluded from the ambit of Section 56(2)(viib) of the Act.....