Multiple tax issues resolved: Share allotment without cash inflow escapes Section 56(2)(viib), non-deduction disallowances clarified, and bad debt write-offs upheld.
Multiple tax issues resolved: Share allotment without cash inflow escapes Section 56(2)(viib), non-deduction disallowances clarified, and bad debt write-offs upheld. Issues Whether Section 56(2)(viib) applies to share allotments made without cash inflow as consideration for acquiring a business. Whether write-off of unrecovered fees/interest previously offered to tax is deductible as bad debt under Section 36(1)(vii).… Read More »