-Million dollar question: Can the same be extended to Sec. 56(2)(x) ? By Yutika Lohia (yutika@vinodkothari.com) The abolition of Gift Tax Act in the year 1998 paved way for one of the most dynamic sections of the Income Tax Act, 1961, – Section 56(2). Under this section all kinds of incomes and gains which were … Continue reading Notional income tax on issue of shares by closely held applicable not applicable under Sec.56(2) (vii a), clarifies CBDT