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CBDT withdraws circular on applicability of sec. 56(2)(viia) for fresh issue of shares

January 7, 2019
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The Central Board of Direct Taxes (CBDT) has withdrawn Circular no. 10/2018 which clarified that Sec. 56(2)(viia) shall not be applicable in cases of receipt of shares by a closely held company or a firm as a result of fresh issue of shares. The CBDT has said that matter relating to interpretation of the term ‘receives’ used in said section is pending before the judicial forums and the matter is required to examined afresh so that a comprehensive circular on the matter can be issued.
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