Notification on the applicability of Section 56(2)(viib) of the Income Tax Act, 1961 (dated – 24.05.2023) – CBDT

• 25th, May 2023
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– Notification on the applicability of Section 56(2)(viib) of the Income Tax Act, 1961 (dated – 24.05.2023) – CBDT.

• The Central Board for Direct Taxes notified that Section 56(2)(viib) of the Income Tax Act, 1961, shall not apply to the consideration received by a company for the issue of shares that exceeds the face value of such shares, in certain conditions. Please refer to the notification for more details.