https://www.taxtmi.com/caselaws?id=406908 The Tribunal upheld the CIT(A)'s decision, ruling that Section 68 of the Income Tax Act was not applicable as no actual money was received in the issuance of shares against goodwill. The creation of goodwill for Rs. 20 crores was deemed a valid business decision supported by documentation. The Tribunal found no evidence of tax evasion, emphasizing that any tax consequences would fall on the shareholder, not the company. The Revenue's appeal was dismissed, and the assessee's cross-objection was considered moot. en-us Fri, 23 Apr 2021 00:00:00 +0530 Tue, 08 Jun 2021 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406908 The Tribunal upheld the CIT(A)'s decision, ruling that Section 68 of the Income Tax Act was not applicable as no actual money was received in the issuance of shares against goodwill. The creation of goodwill for Rs. 20 crores was deemed a valid business decision supported by documentation. The Tribunal found no evidence of tax evasion, emphasizing that any tax consequences would fall on the shareholder, not the company. The Revenue's appeal was dismissed, and the assessee's cross-objection was considered moot. Case-Laws Income Tax Fri, 23 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406908