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Section 56(2)

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 December 2010 Whether section 56(2) will apply on buy back of own shares u/s 77A of the Companies Act 1956, if a compnay buy back shares below the fair value of the shares.
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CA Navin Jain

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CA Navin Jain (Expert)
13 December 2010 Section 56(2)of the Income Tax Act, 1961 does not apply to a company. It applies only when the receipient is an Individual or HUF.
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
13 December 2010 completely agree
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