I-T dept withdraws circular on transfer of shares for 'no or inadequate consideration'
The CBDT had on December 31 said taxes need not be levied in cases where shares were "received" by a specified company as a result of fresh issuance of shares, including by way of bonus shares, rights issue and preference shares.
Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for "no or inadequate consideration", saying the matter is sub-judice, Image source: PTI