https://www.taxtmi.com/caselaws?id=190372 A transfer of business assets to a duly incorporated private company was treated as a sale to a separate juristic person, because controlling shareholding alone did not justify disregarding corporate personality. The recognised exceptions for piercing the corporate veil were held inapplicable on the stated facts. Fully paid shares received as consideration were treated as money's worth, since taxable profit may be realised in kind as well as in cash. On that basis, the excess of sale consideration over written down value was brought to tax under the relevant proviso. en-us Thu, 09 Aug 1962 00:00:00 +0530 Mon, 13 Feb 2017 17:13:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190372 A transfer of business assets to a duly incorporated private company was treated as a sale to a separate juristic person, because controlling shareholding alone did not justify disregarding corporate personality. The recognised exceptions for piercing the corporate veil were held inapplicable on the stated facts. Fully paid shares received as consideration were treated as money's worth, since taxable profit may be realised in kind as well as in cash. On that basis, the excess of sale consideration over written down value was brought to tax under the relevant proviso. Case-Laws Income Tax Thu, 09 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190372