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Section 56(2)(viib) Income Tax Act: No tax on shares issued at face value; applies only to residents.

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....Additions u/s 56(2)(viib) - issuance of shares less than fair market value - the shares have been subscribed at face value and there is no premium whatsoever - further, those provisions are applicable only for receipt of consideration for issue of shares from a resident and not in the case of a non-resident - AT....

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Section 56(2)(viib) Income Tax Act: No tax on shares issued at face value; applies only to residents.