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2014 (5) TMI 145 - HC - Income TaxApplicability of section 28(iv) - value of any benefit or perquisite – transfer of shares for Failure to comply with the conditions of contract - Held that:- The Tribunal held that one crore shares of M/s Reliance Infocom Limited were given to three companies, namely, M/s Fairever Traders & Consultants Private Limited, M/s Softnet Traders and Consultants Private Limited and M/s Prena Auto Private Limited on face value of ₹ 1/ - the condition mentioned was not fulfilled by the Assessee and he returned one crore shares - there was no final transfer of the shares either in the name of Assessee or in the name of Companies in which the Assessee is a Director - If the transfer was conditional and if the Assessee fails to comply with conditions and the shares could not be transferred in his name, then, applicability of Section 28(iv) of the Act is ruled out. If the income chargeable to income tax under the head “profits and gains” includes the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession, but finding that such benefit or perquisite, whether convertible into money or not, has not been derived in this case by the Assessee, Section 28(iv) cannot be invoked - no substantial question of law arises for consideration – Decided against Revenue.
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