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Read MoreNo implications under Section 56(2)(viia) of the Income-tax Act on contribution of shares/cash by the Partner to the Partnership Firm
The Hon’ble Hyderabad Income-tax Appellate Tribunal (‘ITAT’) in its recent ruling1
has held that
provisions of Section 56(2)(viia) of the Income-tax Act (‘ITA’) shall not be applicable in respect of
capital contribution made (whether in cash or kind) by the Partner to the Partnership Firm (‘Firm’).
