The CBDT vide Notification No. 30/2023 dated May 24, 2023 amends the provisions of section 56(2)(viib) of the Income Tax Act, 1961 (“the IT Act”) shall not apply to the consideration received by a company for the issue of shares that exceeds the face value of such shares, if the said consideration has been received from any person, by a company which fulfils the conditions specified in Para 4 of the Notification No. G.S.R. 127(E), dated February 19, 2019 issued by the Ministry of Commerce and Industry in the Department for Promotion of Industry and Internal Trade.
The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/246044.pdf
