I-T relief for investors in YES Bank, IL&FS reconstruction plan
To give relief from unintended tax consequences for individuals participating in YES Bank reconstruction scheme or in regularisation of unauthorised colonies in Delhi, the Income Tax Department has notified changes in laws. These changes intend to provide relief from application of some provisions of Section 56 of Income Tax Act. Now, due to amendments in the rule, the provision of this section will not be applicable in two conditions. First one is related with unquoted shares of a company and its subsidiary and the subsidiary of such subsidiary received by a shareholder, where National Company Law Tribunal (NCLT) has, on an application moved by the Central government has suspended the Board of Directors and appointed new directors. This one will be applicable in Yes Bank reconstruction Scheme and in the matter of IL&FS