https://www.taxtmi.com/caselaws?id=468570 Outstanding share application money retained as a liability could not be taxed as business income under section 28(iv) because that provision covers only a benefit or perquisite arising from business or profession and does not extend to cash receipts. The amount was not a trading advance, and the rule taxing write-off of trading advances did not apply to share application money, which is capital in character. On the facts, the record did not support treatment of the outstanding balance as revenue income, so the addition was unsustainable and its deletion was upheld. en-us Thu, 06 Feb 2025 00:00:00 +0530 Wed, 13 May 2026 15:44:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468570 Outstanding share application money retained as a liability could not be taxed as business income under section 28(iv) because that provision covers only a benefit or perquisite arising from business or profession and does not extend to cash receipts. The amount was not a trading advance, and the rule taxing write-off of trading advances did not apply to share application money, which is capital in character. On the facts, the record did not support treatment of the outstanding balance as revenue income, so the addition was unsustainable and its deletion was upheld. Case-Laws Income Tax Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468570