https://www.taxtmi.com/caselaws?id=390296 The Tribunal determined that Section 28(iv) of the Income Tax Act did not apply to the shares acquired by the assessee companies at face value, as they were held as investments, not for business purposes. The additions made by the Assessing Officer were deemed invalid, as no business benefit or perquisite arose from the transactions. The Tribunal highlighted differences in share transactions between the assessee companies and Telenor Group, concluding that the premium paid by Telenor could not be attributed as a benefit to the assessee companies. The subsequent cancellation of telecom licenses further supported that no real income accrued to the assessee companies. The Tribunal's decision favored the assessee companies, dismissing the Revenue's appeal. en-us Fri, 08 Nov 2019 00:00:00 +0530 Sat, 28 Dec 2019 10:49:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390296 The Tribunal determined that Section 28(iv) of the Income Tax Act did not apply to the shares acquired by the assessee companies at face value, as they were held as investments, not for business purposes. The additions made by the Assessing Officer were deemed invalid, as no business benefit or perquisite arose from the transactions. The Tribunal highlighted differences in share transactions between the assessee companies and Telenor Group, concluding that the premium paid by Telenor could not be attributed as a benefit to the assessee companies. The subsequent cancellation of telecom licenses further supported that no real income accrued to the assessee companies. The Tribunal's decision favored the assessee companies, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390296