Shares Received for Property Transfer Not Valued u/s 56(2)(vii)(c) of Income Tax Act; Reflects Market Value.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....When the assessee has been allotted certain shares as consideration for property transfer, then the question of value of those shares by invoking Section 56(2)(vii)(c) of the Act, does not arise. When a value is fixed for a share allotted, it reflects the market value of the asset transferred.....