Court Rules Section 56(2)(viia) Inapplicable for Assessment Year 2010-11, No Income Assumed from Share Transaction Shortfall.

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....Addition u/s 56 - transaction in shares - adequate consideration - Section 56(2)(viia) was brought in the statute book only w.e.f. 1st June, 2010 i.e. for AY 2011-12 - there was no reason to believe that there was any income on account of short fall in consideration paid during the AY 2010-11. - HC....