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Issue Of New Shares Is Not Transfer, Section 56(2)(vii)(c) Income Aax Act Not Invokable: Gujarat High Court

The Gujarat High Court has held that the shares that have been allotted to the assessee were not “received from any person,” which is the fundamental requirement for invoking Section 56(2)(vii)(c).. ....

Varunk Patel , Justice Biren Vaishnav , Justice Bhargav , Kintech Synergy , Gujarat High Court , Finance Bill , Income Tax Act , Assessment Year , Kintech Synergy Limited , Assessing Officer , For Petitioner , Income Tax ,