Understanding Section 56(2)(viib) of the Income Tax Act, 1961
Section 56(2)(viib) of the Income Tax Act, 1961, is a provision that pertains to closely-held companies issuing shares to resident investors at a value exceeding the “fair market value” of those shares. In such cases, the surplus amount of the issue price over the fair value is subject to taxation as the income of the […]
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