Tax alert: Date of share allotment relevant for invoking section 56(2)(viib) has been saved
Article
Tax alert: Date of share allotment relevant for invoking section 56(2)(viib)
26 October 2023
The Delhi Bench of the Income-tax Appellate Tribunal has held that the provisions of section 56(2)(viib) of the Income-tax Act, 1961, would be invoked when the share allotment has been finalised and the subscriber gets allotted the shares i.e., date of share allotment and not date of receipt of share application money.
