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 sharesINCOME 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 shareswww.taxmann.com Latest Case LawsRead More
