Can a newly incorporated public Company without any reserves and surplus issue its shares at a premium of Rs 90/- without attracting Section 56(2) of the Income Tax Act?
Manali (cs) (24 Points)
03 December 2014Can a newly incorporated public Company without any reserves and surplus issue its shares at a premium of Rs 90/- without attracting Section 56(2) of the Income Tax Act?
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8454 Points)
Replied 20 December 2014
Issue to new share holders no problem.