Mere incurrence of exp. as per share purchase agreement couldn’t be treated as exp. incurred towards transfer

INCOME TAX : Where as per share purchase agreement, shares of a company were sold by all its shareholders to another company, sum paid by shareholders to a trust proposed to be set up for benefit of ex-employees of seller company was to be regarded as voluntary payment; same was not allowable as expenditure incurred wholly and exclusively for transfer of shares

from www.taxmann.com Latest Case Laws https://www.taxmann.com/topstories/101010000000196369/mere-incurrence-of-exp-as-per-share-purchase-agreement-couldn’t-be-treated-as-exp-incurred-towards-transfer.aspx