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

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

from www.taxmann.com Latest Case Laws https://ift.tt/2snINc8