CBDT clarifies that the
view taken by Circular no. 10 dated Dec 31, 2018 [subsequently withdrawn by
Circular no. 2 / 2019] that Sec. 56(2)(viia) would not apply to fresh issuance
of shares, “would not be a correct approach, as it could be subject to abuse and
would be contrary to the express provisions and the legislative intent of Sec.
56(2)(viia) or similar provisions contained in Sec. 56(2)..”; Makes it clear
that “the said circular shall not be taken into account by any income-tax
authority in any proceedings under the Act.”; States that any view expressed by
Board vide Circular no. 10 of 2018 shall be considered to have never been
expressed.
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