Shares consideration paid more than FMV

Hi..

I have below mentioned query.

ABC Ltd acquire 60% shares from Mr Ram, FMV of share is Rs 30/- and ABC Ltd paid Rs 80/- in consideration.

Please let me know if there is any provision attracted in income tax act for paying consideration more than its FMV.
Replies (6)
For ABC amount received in excess of FMV is chargeable under IFOS u/s 56(2)(viib)
sir, ABC LTD Paying consideration to purchase shares.
Oh ok...then for Ram CG is attracted and for ABC 80 becomes Cost of acquisition.
yes it's attracted section 40(A)2 read with carefully
Sir, as per my understanding it's not expenditure in the hand of ABC LTD
there is no any non compliance under the income tax act

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