Agni (P) Ltd issued equity shares of ₹ 10 each at ₹ 40 per share. The fair market value of the share on the date of issue was ascertained as ₹ 25 per share. The company issued 1,00,000 equity shares. The amount liable to
CS Executive · Tax Laws and Practice · PYQS · June 2017
Agni (P) Ltd issued equity shares of ₹ 10 each at ₹ 40 per share. The fair market value of the share on the date of issue was ascertained as ₹ 25 per share. The company issued 1,00,000 equity shares. The amount liable to tax in the hands of the company would be :
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A). Official source note: Agni (P) Ltd issued equity shares of ₹ 10 each at ₹ 40 per share. The fair market value of the share on the date of issue was ascertained as ₹ 25 per share. The company issued 1,00,000 equity shares. The amount liable to tax in the hands of the company would be : (A) ₹ 15,00,000 (B) ₹ 30,00,000 (C) Nil (D) ₹ 40,00,000
Topics: Income Tax
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