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Please Help: income tax

Posted Date : 17-Jul-2016 , 02:05:27 pm | Posted By: PUNEET BHATIA

Category : Income Tax | Answers : 0| Comments : 0| Hits: 199

Sir Kindly reply on my query One of our company issued fresh equity shares in FY 2013-14 No. of shares 125500 shares Face value - Rs 10/- Premium on share - 90/- Total amount 12550000/- Rs one crore amount converted from unsecured loans (already in B. Sheet as on 31.03.13) to share capital + premium Rs 2550000/- amount fresh brought by one of the shareholders (gift received from mother also accepted by ITO) and 25500 shares issued to him at premium. Net worth of the company as on 31.03.2013 is Share Capital - 2323200 (232320 shares of rs 10 each) Securities premium - 4642000 Reserves & Surplus - 9240874 DTL - 435622 Total - 16641696 Market Value - Rs 71.63/- Now The ITO wants to add Rs 30.00 Lacs approx to income of company u/s 56(2)(viib)being excess amount received from market value. Whether there is any wayout to avoid tax or any cse law decided in said case.

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