Bench: DR. S. SEETHALAKSHMI, J (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)
penny. However the appellant had issued shares with face value of Rs.10 each with premium@Rs.20 per share aggregating the value of per share @ Rs.30. Therefore the provisions of section 56(2) (viib) of the I.T. Act is clearly applicable to the appellant’s case. In the written submission, it is submitted by the appellant that the consideration received