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Case law › Notifications › 2018 › Notification No. 24/2018 [F.No.370142/5/2018-TPL(Pt)] / SO 2088(E)
Notification 24 May 2018

Notification No. 24/2018 [F.No.370142/5/2018-TPL(Pt)] / SO 2088(E)

2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)]

What this is

Notification No. 24/2018 [F.No.370142/5/2018-TPL(Pt)] / SO 2088(E) was published on 24 May 2018. Its subject is 2 the Gazette of INDIA : Extraordinary [Part Ii—sec. 3(ii)].

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.3s.3
s.56s.2, s.92

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]

MINISTRY OF FINANCE
(Department of Revenue)
(Central Board of Direct Taxes)

NOTIFICATION

New Delhi, the 24th May, 2018

INCOME-TAX

S.O. 2088(E).—In exercise of the powers conferred by the clause (ii) of the proviso to clause (viib) of subsection (2) of section 56 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification number S.O. 1160 dated 14th June, 2016 issued by Department of Revenue, Central Board of Direct Taxes, the Central Government, hereby notifies that the provisions of clause (viib) of sub-section (2) of section 56 of the said Act shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the consideration has been received for issue of shares from an investor in accordance with the approval granted by the Inter-Ministerial Board of Certification under clause (i) of sub-para (3) of para 4 of the notification number G.S.R. 364(E), dated 11th April, 2018 and published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i) dated the 11th April, 2018 issued by the Department of Industrial Policy and Promotion.

2. This notification shall be deemed to have come into force retrospectively from the 11th April, 2018.

[Notification No. 24/2018/F. No.370142/5/2018-TPL (Pt)]

PRAVIN RAWAL, Director (Tax Policy and Legislation)

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 25/2018 [F.No. 203/10/2017-ITA-II] / SO 2289(E)  ·  Notification No. 23/2018 [F.No.370142/5/2018-TPL] / SO 2087(E) →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.