Global IDT Chronicles: Colourable Grants!

In the eyes of law, the concept of ‘consideration’ finds relevance in the contract law which accordingly defines it as ‘a promise to do something’ or ‘not do something’ or simply a ‘promise of currency payment’, which must move from the ‘promisee’. Generally, in contract law, the subject of ‘consideration’ is appropriately defined and stipulated in the agreements itself, however, in the tax laws, the concept has been a seeding ground for litigation, si...