The Central Government has notified the amendment of Rule 11UAC of the Income Tax Rules, 1962.Rule 11UACdraws its origin from Section 56(2)(x)(XI) of the Income Tax Act, 1961. The sub-clause deals with the class of persons to whom the provisions of Section 56(2)(x) shall not apply. Section 56(2)(x): Section 56 is the charging section of…
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