https://www.taxtmi.com/caselaws?id=246924 The court upheld the Income Tax Appellate Tribunal's decision to delete the addition of Rs.42 crores under section 28(iv) of the Income Tax Act, 1961 for Assessment Year 2002-03. It found that the allotment of shares did not exclusively benefit the assessee, as similar allotments were made to other entities and there was no direct business relationship between the assessee and Reliance Communications. The court concluded that section 28(iv) did not apply in this case, dismissing the appeal and rejecting the argument that there was a substantial question of law. No costs were awarded. en-us Mon, 24 Mar 2014 00:00:00 +0530 Sat, 26 Apr 2014 16:37:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246924 The court upheld the Income Tax Appellate Tribunal's decision to delete the addition of Rs.42 crores under section 28(iv) of the Income Tax Act, 1961 for Assessment Year 2002-03. It found that the allotment of shares did not exclusively benefit the assessee, as similar allotments were made to other entities and there was no direct business relationship between the assessee and Reliance Communications. The court concluded that section 28(iv) did not apply in this case, dismissing the appeal and rejecting the argument that there was a substantial question of law. No costs were awarded. Case-Laws Income Tax Mon, 24 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246924