Web2. The assessee has raised nine grounds in her appeal however, the crux of the issue is that the Ld. CIT (A) has erred in upholding the order of the Ld. AO who had invoked the provisions of section 56(2)(vii)(b) of the Act and brought to tax the stamp duty value of the property purchased which exceeded the actual purchase consideration. 2. 3. WebJul 1, 2024 · The Tribunal noted that section 56 (2) (viii) (b) (ii) clearly stipulated that where any immoveable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding Rs.50000/-, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the …
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WebMay 17, 2013 · 1. Provision under the Income Tax Act,1961. Section 56 (2) lists incomes chargeable to income tax under the head ‘Income from Other Sources.’. Finance Act, 2012 inserts clause (viib), with effect from 1-4-2013 (assessment year 2013-14) to include ‘share premium’ received by a company in excess of its fair market value , as its income ... WebAug 17, 2024 · The provisions of section 56 (2) (vii) (b) (ii) came into statute by Finance Act 2013 w.e.f. 01.04.2014 i.e., A.Y.2014-15. In the instant case, the assessee had entered … boldmethod approach charts
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Webprovisions of Regulations section 1.1502-77 apply to the extent not modified by section 6402(k) and Regulations section 301.6402-7. In addition, the filing of Form 56-F is a … WebSection 56(2)(viia) of the Income-tax Act, 1961 ('Act') provides for taxation of income where a company in which public are not substantially interested ('specified company')or a firm receives shares of a specified company from a person for no or inadequate consideration. 2. Webinvestors, it has been decided that section 56(2)(vii)(b)) of the Income-Tax Act shall not be applicable to a startup registered with DPIIT," Nirmala Sitharaman had said, adding that a … gluten free phoenix arizona