Good evening sir. My query is: Are the provisions of section 56(2)(viib) and 56(2)(x) applicable on rights issue of shares? Mumbai ITAT in two judgements have held that 56(2)(vii)(c) provisions are not applicable to rights issue. So, similarly can it be said that 56(2)(x) provisions are not applicable to rights issue?
Whether provisions of section 56(2) (x) are applicable to Rights issue of shares ?