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Q. > Please Help: income tax
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.
Experts Panelist
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