Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
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ITAT held that the allotment of shares at a lesser price than to a third party cannot be taxed u/s 28(iv) of the Income Tax Act, 1961. The receipt of property without consideration or for lesser consideration is taxable only u/s 56(2)(x)(c). In the absence of a charging provision, such a transaction of acquiring shares at par value compared to premium paid by a third party cannot be taxed. Furthermore, the transaction of acquiring shares is a capital field transaction, not a revenue field transaction. If the benefit does not arise from business or profession, it cannot be taxed u/s 28(iv). Since the income from sale of shares is taxable as capital gains, the acquisition cannot be treated as a revenue transaction. The decision was in favor of the assessee.
ITAT held that the allotment of shares at a lesser price than to a third party cannot be taxed u/s 28(iv) of the Income Tax Act, 1961. The receipt of property without consideration or for lesser consideration is taxable only u/s 56(2)(x)(c). In the absence of a charging provision, such a transaction of acquiring shares at par value compared to premium paid by a third party cannot be taxed. Furthermore, the transaction of acquiring shares is a capital field transaction, not a revenue field transaction. If the benefit does not arise from business or profession, it cannot be taxed u/s 28(iv). Since the income from sale of shares is taxable as capital gains, the acquisition cannot be treated as a revenue transaction. The decision was in favor of the assessee.
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