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Q. > Please Help: Incometax
Whether Sec 56 of Income tax Act 1961 apply if closely held company wants to issue its share at less than its Book Value
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Jalpa Ganatra
04-May-2013 , 08:08:33 pmCA Pardeep Chanana
08-May-2013 , 01:30:49 pmProvisions of section 56(viib) would apply if the aggregate consideration received for such shares exceeds the fair market value of the shares. In case shares are issued at less than its book value but exceeding fair market value provion of section 56 would become applicable.