https://www.taxtmi.com/caselaws?id=763400 ITAT Hyderabad held that allotment of shares at par value to assessee while third parties received shares at premium of Rs. 350 per share cannot be taxed under section 28(iv). The tribunal ruled that absent specific charging provisions under section 56(2)(x) at the relevant time, receipt of property for consideration less than fair market value was not taxable. Share acquisition transactions fall in capital field, not revenue field, and alleged benefits not arising from business/profession cannot be taxed under section 28(iv). Decision favored assessee against revenue department. en-us Mon, 16 Dec 2024 00:00:00 +0530 Thu, 19 Dec 2024 08:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763400 ITAT Hyderabad held that allotment of shares at par value to assessee while third parties received shares at premium of Rs. 350 per share cannot be taxed under section 28(iv). The tribunal ruled that absent specific charging provisions under section 56(2)(x) at the relevant time, receipt of property for consideration less than fair market value was not taxable. Share acquisition transactions fall in capital field, not revenue field, and alleged benefits not arising from business/profession cannot be taxed under section 28(iv). Decision favored assessee against revenue department. Case-Laws Income Tax Mon, 16 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763400