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I. T. A. NO. 1545/LB OF 2003, DECIDED ON 2ND NOVEMBER, 2003. versus I. T. A. NO. 1545/LB OF 2003, DECIDED ON 2ND NOVEMBER, 2003.

Section 13 (1) (a) of the Sale of Goods Act (III of 1930), Section 2 (7), plus the money raised was the responsibility of the stock to the directors. The share deposit amount was paid against the purchase of shares. ? It was a sale transaction. Such transactions were included under the definition of goods. The shares of the company were undoubtedly paid for by the directors. The directors of the company purchased the shares of the company. The required amount was submitted. That was a fair share capital and not just the deposit or the advance payment to the treasury of the company or the regular payment of the contract by the directors under section 5 of the Goods Act, 1930, the fulfillment of section 2 (7). The sale of goods includes shares in the definition of the goods in 1930. When it was a transaction between the buyer and the seller of the goods, then the responsibility would be on the seller. Show that Where did he get the funds to buy the goods, the directors deposited the share deposit amount for the company's stock (shares) and were responsible for specifying the source. top advocates from Bahawalnagar lawyer