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Clarification regarding applicability of section 56(2)(viia) of the Income-tax Act, 1961 for issue of shares by a company in which public are not substantially interested

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..... ioned in Circular No. 02/2019 , a comprehensive review of the subject matter relating to interpretation of the term receives as used in, inter alia, section 56(2)(viia) of the Income-tax Act, 1961 (the Act) and similar provisions contained in section 56(2) of the Act has been made by the Board in view of pendency of this issue in various judicial forums and clarifications sought by stakeh .....

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