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.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.www.taxmann.com Latest Case LawsRead More
