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Share Transfer without consideration or at a price lower than FMV not attracts Section 56(2)(vii)
Case Law Details
- Case Name
- ITO Vs. Shri Rajeev Ratanlal Tulshyan (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Rajeev Ratanlal Tulshyan Vs ITO (ITAT Mumbai)
Transfer of shares without consideration or at a price lower than the fair market value (FMV) does not attract Section 56(2)(vii) of Income Tax Act, 1961.
Conclusion: In present facts of the case, Assessment Year (AY) 2014-15 was in consideration, wherein it was held that transfer of shares of a company to a firm or a company, instead of an individual or an HUF, without consideration or at a price lower than the fair market value does not attract Section 56(2)(vii) of the Income Tax Act.
Facts: In present facts of the case, the assessee was a direc...
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