Case Law Analysis
Section 56(2)(x) IT Act | Rights Issue Price Differential Not Taxable If Shareholding Static; Section 148A Notice Void Sans Timely Info : Bombay HC
The Bombay HC quashed reassessment for AY 2020-21, ruling a Section 148A(1) notice invalid where mandatory information was furnished post-limitation. On merits, the Court held Section 56(2)(x) inapplicable to proportionate rights allotments with unchanged shareholding and no disproportionate benefit - a mere issue price vs. FMV differential is not taxable in such cases.