This notification, S.O. 1131(E), issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes on March 5, 2019, concerns an exemption to Section 56(2)(viib) of the Income-tax Act, 1961. It stipulates that the provisions of Section 56(2)(viib) will not apply to consideration received by a company for the issuance of shares exceeding their face value, provided the consideration is received from a resident. This exemption is contingent upon the company fulfilling the conditions outlined in paragraph 4 of notification G.S.R. 127(E), dated February 19, 2019, issued by the Ministry of Commerce and Industry, Department for Promotion of Industry and Internal Trade, and filing the declaration referenced in paragraph 5 of the same notification. This notification retrospectively came into effect on February 19, 2019, and supersedes notification S.O. 2088(E) dated May 24, 2018, except for actions taken before this supersession. The notification number is 13/2019, and the file number is F. No. 370142/5/2018-TPL Pt. The issuing authority is Pravin Rawal, Director, Tax Policy and Legislation.
Key Entities Referenced
Income-tax Act, 1961: A major law related to income tax in India, cited as the legal basis for the notification.
Central Board of Direct Taxes: A department under the Ministry of Finance responsible for direct tax administration in India. It issued the notification.
Ministry of Finance: The government ministry responsible for financial matters in India.
Department of Revenue: A department within the Ministry of Finance, Government of India.
New Delhi: The location where the notification was issued.
G.S.R. 127E: A government notification number relevant to conditions specified for companies.
Department for Promotion of Industry and Internal Trade: The department under the Ministry of Commerce and Industry that issued notification G.S.R. 127E.
Mayapuri, New Delhi: Location of the Government of India Press.
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1424 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 5th March, 2019
S.O. 1131(E).—In exercise of the powers conferred by clause (ii) of the proviso to clause (viib) of
sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification
of Government of India in the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes
published in the Gazettee of India, Extraordinary, Part-II, Section (3), Sub-section (ii) vide number
S.O. 2088(E) dated 24th May, 2018, except as respect things done or omitted to be done before such
supersession, the Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of
section 56 of the said Act shall not apply to consideration received by a company for issue of shares that
exceeds the face value of such shares, if the said consideration has been received from a person, being a
resident, by a company which fulfils the conditions specified in para 4 of the notification number
G.S.R. 127(E), dated the 19th February, 2019 issued by the Ministry of Commerce and Industry in the
Department for Promotion of Industry and Internal Trade and published in the Gazette of India, Extraordinary,
Part-II, section 3, Sub-Section (i) on 19th February, 2019 and files the declaration referred to in para 5 of the
said notification of the Department for Promotion of Industry and Internal Trade.
2. This notification shall be deemed to have come into force retrospectively from the
19th February, 2019.
[Notification No. 13/2019/F. No. 370142/5/2018-TPL (Pt.)]
PRAVIN RAWAL, Director (Tax Policy and Legislation)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.