https://www.taxtmi.com/caselaws?id=400234 The court upheld the assessment of deemed profits in the hands of the appellant-HUF under Section 28(iv) of the Income Tax Act, 1961, for shares allotted at par value to an individual. The Tribunal's decision was affirmed, emphasizing the necessity of establishing a nexus between share allotment and the assessee's business for invoking the provisions of the Act. The judgment highlighted the importance of complying with statutory provisions and suggested utilizing the Vivad Se Vishwas Scheme for tax dispute resolution, allowing the appellant to restore the appeal based on the scheme's outcome. en-us Tue, 13 Oct 2020 00:00:00 +0530 Sat, 31 Oct 2020 16:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400234 The court upheld the assessment of deemed profits in the hands of the appellant-HUF under Section 28(iv) of the Income Tax Act, 1961, for shares allotted at par value to an individual. The Tribunal's decision was affirmed, emphasizing the necessity of establishing a nexus between share allotment and the assessee's business for invoking the provisions of the Act. The judgment highlighted the importance of complying with statutory provisions and suggested utilizing the Vivad Se Vishwas Scheme for tax dispute resolution, allowing the appellant to restore the appeal based on the scheme's outcome. Case-Laws Income Tax Tue, 13 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400234