Tag: section 56(2)(vii)(b)

Provisions of section 68 to 69B applicable only if assessee is required to maintain books of accounts under provisions of section 44AA of the Income Tax Act, 1961. In a recent judgment, the ITAT Jabalpur has held that provisions of section 68 to 69B of the Income Tax …

CBDT notifies class of persons investment by whom not covered under Angel Tax u/s 56(2)(viib)  MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No.30/2023 New Delhi, the 24th May, 2023 S.O. 2275(E).—In exercise of the powers conferred by clause (ii) of the first proviso to clause …

CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to  notify Excluded Entities In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of  shares within the ambit of section 56(2)(viib) of the Income-tax Act, …

Letter of Allotment can not be considered as agreement to sale by any stretch of imagination. ITAT upheld addition u/s 56(2)(vii)(b) of the Income Tax Act.  ABCAUS Case Law Citation: ABCAUS 3042 (2019) (07) ITAT Important Case Laws Cited/relied upon by the parties: Babulal Shambhubhai Rakholia v. ACIT …