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1998 (12) TMI 7 - SC - Income TaxIn the present case, the liability of the respondent to Lucas (England) is to issue to Lucas (England) equity shares of a value equivalent to the amount advanced by Lucas (England) for the plant and machinery. It is only if, for any-reason, the shares cannot be allotted that the question of compensating Lucas (England) in cash might arise - hence it can not be said that there was a debt owed by the respondent to Lucas to be taken into account for the purposes of computing the capital u/s 801
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