Section 56(2)(viii)(c)(ii) not applies to money/ property received from close relatives

Prakash Chand Sharma HUF Vs ITO (ITAT Jaipur)

Facts- The assessee is an existing shareholder of M/s Prakash Deep Finance Co. Ltd. having 99,500/- shares of Rs. 10/- each amounting to Rs. 9,95,000/- since 2007. During the year PDFCL allotted 3,00,000 shares to the assessee at face value of Rs. 10/- each for Rs. 30 lakhs on 31.03.2014. The AO however held that FMV of shares u/s 56(2)(vii)(c) read with rule 11UA as on 31.03.2014 is Rs. 11.52 per share and this shares were allotted at a value lo

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