Live Help
Get News Alerts from on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session

Allotment of shares in settlement of pre-existing liabilities couldn't be treated as unexplained cash credits

November 20, 2019[2020] 113 31 (SC)/[2020] 268 Taxman 392 (SC)

INCOME TAX : SLP dismissed against High Court ruling that 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
Best view in 1140 x 768