Share Transfer without consideration or at a price lower than FMV not attracts Section 56(2)(vii)

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

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