https://www.taxtmi.com/caselaws?id=403147 The Tribunal allowed the appeal, setting aside the reassessment proceedings under section 148 of the Income Tax Act. It ruled in favor of the assessee, holding that the taxability of Sweat Equity shares issued without consideration was void due to a High Court order directing the reversal of entries related to the shares. The Tribunal found that no taxable income existed as per the High Court decision, leading to the rejection of the reassessment and emphasizing that the shares' notional income was not subject to tax. en-us Tue, 19 Jan 2021 00:00:00 +0530 Wed, 20 Jan 2021 14:18:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403147 The Tribunal allowed the appeal, setting aside the reassessment proceedings under section 148 of the Income Tax Act. It ruled in favor of the assessee, holding that the taxability of Sweat Equity shares issued without consideration was void due to a High Court order directing the reversal of entries related to the shares. The Tribunal found that no taxable income existed as per the High Court decision, leading to the rejection of the reassessment and emphasizing that the shares' notional income was not subject to tax. Case-Laws Income Tax Tue, 19 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403147