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Receipts from allotment of shares in settlement of pre-existing liability couldn’t be treated as unexplained credit

August 17, 2018[2018] 96 647 (Madras)/[2018] 258 Taxman 5 (Madras)/[2018] 407 ITR 145 (Madras)

IT : Where assessee allotted shares to a company in settlement of pre-existing liability of assessee to said company, since no cash was involved in transaction of said allotment of shares, conversion of these liabilities into share capital and share premium could not be treated as unexplained cash credits under section 68

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