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Excess share premium not taxable in hands of closely held co. if its shareholders are relatives: ITAT

October 17, 2018[2018] 98 92 (Chennai - Trib.)/[2018] 172 ITD 629 (Chennai - Trib.)

IT : Provisions of section 56(2)(viib) cannot be invoked in case of assessee-company because by virtue of cash being brought into assessee-company by 'S' for allotment of equity shares with unrealistic premium, benefit had only passed on to her daughter 'V' and there is no scope in Act to tax when cash or asset is transferred by a mother to her daughter

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