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of <h1>X Ltd.'s acquisition of A Ltd. shares not taxable u/s 56(2)(viia) due to public company exemption.</h1> X Ltd., a closely held company, receives shares of A Ltd., a listed public company, valued at 10,000 with a fair market value of 5,00,000. According to Section 56(2)(viia) of the Income Tax Act, the transaction is not taxable for X Ltd. because it involves shares of a listed public company, which are not covered under this section.
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