https://www.taxtmi.com/caselaws?id=352526 The Tribunal held that the share application money, properly reflected in balance sheets and subsequently used for share allotment, could not be considered a cessation of liability under Section 41(1)(a) of the Income Tax Act. Additionally, Section 68 was deemed inapplicable as the money was received in prior financial years, not the year under review. Consequently, the assessee's appeal was successful, and the previous decision was overturned. en-us Fri, 08 Dec 2017 00:00:00 +0530 Sat, 16 Dec 2017 10:32:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352526 The Tribunal held that the share application money, properly reflected in balance sheets and subsequently used for share allotment, could not be considered a cessation of liability under Section 41(1)(a) of the Income Tax Act. Additionally, Section 68 was deemed inapplicable as the money was received in prior financial years, not the year under review. Consequently, the assessee's appeal was successful, and the previous decision was overturned. Case-Laws Income Tax Fri, 08 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352526