[aaykarbhavan] Allotment of prorated additional shares to existing shareholders is out of ambit of sec. 56(2)(vii), ITAT says

Allotment of prorated additional shares to existing shareholders is out of ambit of sec. 56(2)(vii), ITAT says

June 2, 2014[2014] 45 taxmann.com 176 (Mumbai - Trib.)

IT : Where additional shares of a company were allotted pro rata to shareholders including assessee based on their existing shareholding, there was no scope for any property being received on said allotment of shares and, consequently, provisions of section 56(2)(vii)(c) did not apply to difference in book value and face value of additional shares

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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