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 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...