Case Law Details
Case Name : PCIT Vs Jigar Jashwantlal Shah (Gujarat High Court)
Related Assessment Year : 2013-14
Courts :
All High Courts Gujarat High Court
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PCIT Vs Jigar Jashwantlal Shah (Gujarat High Court)
In a recent landmark case, the Gujarat High Court issued a significant ruling in the matter of PCIT vs. Jigar Jashwantlal Shah. The case, dated 28 August 2023, pertains to tax appeal numbers 80 & 96 of 2023 and addresses a critical issue related to the taxability of shares allotted under Section 56(2)(viic) of the Income Tax Act, 1961. In this article, we will provide an in-depth analysis of the case and its implications.
Detailed Analysis
The core issue at hand revolved around the applicability of Section 56(2)(viic) of the Income Tax Ac...
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Author Bio
I need the full comment and judgement on this ruling
Fresh / Further issue by an existing company, is nothing but dilution / transfer of existing shareholder’s right. The voting right ratio of shareholders, before such issue and after such issue changes. This itself is the causa-causen for valuation and hence, should be covered under s.56.