shares issued by closesly held companies FMV 330 Face value 300 issue price 310 will section 56(2)(x) be attracted in this case since shares are issued at inadequate consideration?
yes 56(2)(x) will be attaracted in the hand of recipient as shares are received at lower than fmv also at the time of issue of shares by the company 56(2)(viib) will attaracted in the hand of company if the consideration received is more than FMV
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