https://www.taxtmi.com/caselaws?id=447363 The Calcutta HC ruled in favor of the assessee regarding income taxation on share valuation during amalgamation. The revenue department argued that differential valuation of shares issued above face value constituted taxable profit under Section 28(iv). The HC held that Section 28(iv) requires both a benefit and that benefit arising from business operations. Finding neither condition satisfied in the amalgamation scheme, the court determined Section 28(iv) was inapplicable. The tribunal's factual findings were upheld as legally sound, and the substantial question of law was decided against the revenue department. en-us Wed, 20 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 09:44:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447363 The Calcutta HC ruled in favor of the assessee regarding income taxation on share valuation during amalgamation. The revenue department argued that differential valuation of shares issued above face value constituted taxable profit under Section 28(iv). The HC held that Section 28(iv) requires both a benefit and that benefit arising from business operations. Finding neither condition satisfied in the amalgamation scheme, the court determined Section 28(iv) was inapplicable. The tribunal's factual findings were upheld as legally sound, and the substantial question of law was decided against the revenue department. Case-Laws Income Tax Wed, 20 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447363