53L. Collection of tax from sale of share in a premium over face value.—

1[ 2[53L. Collection of tax from sale of share in a premium over face value.—

Where a company raises its share capital through book building or public offering or rights offering or private placement or preferential share or in any other way at the value in excess of face value, the Securities & Exchange Commission shall collect tax at the rate of three per cent on the difference between the value at which the share is sold and its face value from the concerned company at the time determined by the Securities & Exchange Commission.]

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1 Ins. new sections 53L and 53M by F.A. 2010

2 Omitted by F.A. 2013

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