Provisions of section 56(2)(viia) apply in a case where a company receives shares of private limited companies for without or inadequate consideration. Assessee was transferor and not recipient and moreover shares in question were those of listed companies provisions of section 56(2)(viia) could not apply. (AY.2012-13)
Jayneer infrapower & Multiventures (P.) Ltd. v. DCIT (2019) 176 ITD 15 / 200 TTJ 179(Mum.)(Trib.)
S. 56 : Income from other sources–Gift-Assesse was transferor and not recipient and shares in question were those of listed companies- provisions of section 56(2)(viia) would not apply. [S. 56(2)(viia)]