S. 56 not applicable in the absence of any Disproportionate Allotment of Shares to Existing Shareholders: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has recently held that a shareholder cannot be taxed under Section 56(2)(vii) of the Income-tax Act, 1961 when the shares are allotted to him on a proportionate basis, even if such shares are allotted at lower than the fair market value under Section […]

The post S. 56 not applicable in the absence of any Disproportionate Allotment of Shares to Existing Shareholders: ITAT [Read Order] appeared first on Taxscan | Simplifying Tax Laws.

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