shares transfer u/s 56(2)(vi)(c), Income Tax

[satbir singhwahi]

Sir,

Shares of closely held company were purchased by director at fmv, but consideration was not paid . So now local court has ordered to return shares.Further application pending at company law tribunal to restore back shares to original allotees.

The issue is with income tax , Assessing Officer is charging income u/s 56(2)(vi)(c).pls guide.

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

Your query is incomplete. Please give correct version of the case.

[satbir singhwahi]

shares transfer u/s 56(2)(vii)(c)

Sir,

Shares of closely held company were purchased by director at fmv, but consideration was not paid . So now local court has ordered to return shares.Further application pending at company law tribunal to restore back shares to original allotees.

The issue is with income tax , Assessing Officer is charging income u/s

shares transfer u/s 56(2)(vi)(c)

Sir,

Shares of closely held company were purchased by director at fmv, but consideration was not paid . So now local court has ordered to return shares.Further application pending at company law tribunal to restore back shares to original allotees.

The issue is with income tax , Assessing Officer is charging income u/s 56(2)(vi)(c).pls guide.

.pls guide.

Sir

The A.O. has opened case u/s 148, and transactions of shares purchased by Director from other shareholders at FMV, the A.O. is taxing u/s 56(2)(vi)(c).But our case is that though shares were purhased but payment was deffered.So case went to Lok Adalat (Public Utility Services) , Faridkot., vide application no. 109/10.10.2019 , date of decision 15.10.2019.Now shares returned to original shareholders as per order. Now application is pending at National company law tribunal Chandigarh under section 58 and 59 read with other provisions of company Act, 2013., to restore shares to the original holders in company records.

Sir KIndly Guide.