https://www.taxtmi.com/caselaws?id=311598 ITAT Kolkata ruled that amalgamation reserve created in books of amalgamated company cannot be treated as income under section 28(iv) read with section 2(24)(vd). The tribunal held that such reserve is merely an accounting entry to balance books under double entry system, not representing real income or any benefit/perquisite from business activity. Following precedent from Delhi HC, the tribunal confirmed that when share exchange is based on fair valuation, no taxable benefit arises. Revenue's appeal was dismissed. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 04 Jan 2024 20:23:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311598 ITAT Kolkata ruled that amalgamation reserve created in books of amalgamated company cannot be treated as income under section 28(iv) read with section 2(24)(vd). The tribunal held that such reserve is merely an accounting entry to balance books under double entry system, not representing real income or any benefit/perquisite from business activity. Following precedent from Delhi HC, the tribunal confirmed that when share exchange is based on fair valuation, no taxable benefit arises. Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311598