CBDT clarifies that Sec. 56(2)(viia) shall not apply to receipt of shares by a closely held company (specified co.) or a firm on fresh issuance of shares; Takes note of representations that the term ‘receives’ used in 56(2)(viia), being of wider import, might lead to “taxation of income in the cases where the shares are received by a firm or specified co. as a result of the fresh issuance of shares including by way of issue of bonus shares, rights shares and preference shares or transactions of similar nature”;
- Some Major Changes through the GST Amendment Acts
- GST Audit: A Reality Check or Still a dream?????
- The OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect.
- A Note on Ind AS 116
- CBDT releases SOP for dealing with demonetisation related cases where Sec. 142(1) notices remained non-complied