Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (9) TMI 463 - AT - Income TaxValidity of the proceedings u/s 153A - Income u/s 2(24) - derived benefit in terms of section 2(24)(iv) - benefit obtained by purchase of unquoted shares at face value under a business re-arrangement between the family members and approved by the Hon'ble Delhi High Court with the fact that the shares could not be sold to outsiders - Held that:- It is not the case of the department that any material disclosing the issue of transfer of shares was withheld from the assessment and was found and seized during the course of search. It is also not the case of the department that any other incriminating material which could point out to such transfer of shares was unearthed during the course of search and was subsequently relied upon by completing the assessment u/s 153A. No whisper of any incriminating material having been found and relied upon by the department relating to these additions on account of perceived benefits u/s 2(24)(iv) - Decided in favour of assessee.
|