23 ABC Pvt. Ltd. was XYZ Pvt. Ltd. are the Companies in which public are not substantially interested. During the previous year 2018-19, ABC Pvt. Ltd. received some property being shares of XYZ Pvt. Ltd. The details of which are provided below: No. of shares 1000 Face Value ₹10 per share Aggregate Fair Market Value ₹1,00,000 Consideration Value Nil As the tax auditor how would you deal with the situation? (a) Reporting required under Clause 28 being the transaction results into income taxable u/s 56(2)(viia). (b) Reporting required under Clause 29 being the transaction results into income taxable u/s 56(2)(viib). (c) Reporting required under Clause 29A being the transaction results into income taxable u/s 56(2)(ix). (d) Reporting required under Clause 29B being the transaction results into income taxable u/s 56(2)(x).
Answer “d” is correct earlier it was clause 28, after amendment it is clause 29B
sir clause 28 and 29 are bit confusing can u please elaborate the difference between the 2