Tax alert: Issue of right shares not taxable on proportionate allotment, on renunciation by relatives has been saved
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Tax alert: Issue of right shares not taxable on proportionate allotment, on renunciation by relatives
19 January 2024
The Gujarat High Court has held that the provisions of section 56(2)(vii)(c) of the Income-tax Act, 1961 (ITA) are not applicable on allotment of right shares to the taxpayer in proportion of his shareholding in the company and on renunciation of right shares by the relatives in favour of the taxpayer
