ISSUE OF RIGHT SHARES AT PAR

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raj kumar rungta

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Jan 20, 2016, 2:05:52 AM1/20/16

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Dear friends

I would seel your valuable sugession on understated issue.

Suppose, a Company would like to issue Right Share at par (Say, Rs.100/-) to its Directors, but Book Value as per Last Audited Balance Sheet Date was say Rs.200/-.

my Query is that whether Allotment of Share by the Company at par to its Directors attract section 56(2)(vii) of of the Income Tax Act,1961.