https://www.taxtmi.com/caselaws?id=769347 ITAT Mumbai upheld CIT(A)'s deletion of additions under section 28(iv) regarding share application money received by assessee. Revenue attempted to tax the amount as business income claiming it constituted a benefit or perquisite. However, ITAT found that since shares were ultimately issued and allotted to investors, the transaction was on capital account. The receipt constituted capital receipt not liable to tax under section 28(iv). Revenue's appeal was dismissed as the transaction's capital nature was established by actual share allotment. en-us Mon, 21 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769347 ITAT Mumbai upheld CIT(A)'s deletion of additions under section 28(iv) regarding share application money received by assessee. Revenue attempted to tax the amount as business income claiming it constituted a benefit or perquisite. However, ITAT found that since shares were ultimately issued and allotted to investors, the transaction was on capital account. The receipt constituted capital receipt not liable to tax under section 28(iv). Revenue's appeal was dismissed as the transaction's capital nature was established by actual share allotment. Case-Laws Income Tax Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769347