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2016 (9) TMI 1155 - SCH - 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:- We do not find any legal and valid ground for interference. The Special Leave Petitions are dismissed. HC order confirmed [2014 (5) TMI 145 - BOMBAY HIGH COURT] saying 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 - Decided against revenue
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