Tuesday, May 4, 2021

No Sec. 68 additions in hands of Co. allotting shares against goodwill for acknowledging efforts of shareholders

INCOME TAX : Where assessee company had allotted shares to 'S' in lieu of goodwill and without any monetary consideration, Commissioner (Appeals) rightly deleted addition made by Assessing Officer invoking provisions of section 68 as there was no movement of actual money either in cash or through bank and shares were allotted to shareholders against goodwill.

from www.taxmann.com Latest Case Laws https://ift.tt/3uhkJSJ
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