October 2018

2 Section 68 - Cash credit (Shares, allotment of) 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 u/s. 68

K. B. Bhujle, Advocate

V. R. Global Energy (P) Ltd. vs. ITO; [2018] 96 taxmann.com 647 (Mad): Date of order:
6th August, 2018 A. Y. 2012-13

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