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Sec. 56(2)(viia) not applicable to fresh issue of shares by closely held company: CBDT

January 9, 2019
The Central Board of Direct Taxes (CBDT) has clarified that the provisions of section 56(2)(viia) shall not be applicable in cases of receipt of shares by the specified company or firm as a result of fresh issuance of shares including by way of issue of bonus shares, right shares and preference shares, by specified company.
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