CNO 548 – Auditguru

Questions › Category: CA-Final Tax Audit › CNO 548

Dear Sir,
In this question, shouldn’t it be amended to be answered as per clause 29B where in if the difference of FMV and consideration exceeds 5 % or 50000 whichever higher it should be reported ? Also is it needed to specifically explain the entire sections of Income Tax Act ?

Question Tags: CNO 548

1 Answers

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Ravi Staff answered 5 years ago

29B covers shares received without any consideration or inadequate consideration
29 covers shares issued for more than fair value