2014 (4) TMI 893

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....R 1. Heard Mr.Charanjeet Chanderpal, learned counsel appearing for the Revenue. Revenue is in appeal against the order passed by the Income Tax Appellate Tribunal on 10th June 2011. The Appeal was filed by the Revenue before the Income Tax Appellate Tribunal aggrieved by the order dated 21st July 2005 of the Commissioner of Income Tax (Appeals). The case relates to Assessment Year 2002-03. 2. Th....

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....ar subsequent to allotment therefore can provide a safe guide for estimating the value of the shares. In such circumstances, the finding of the Income Tax Appellate Tribunal would squarely raise the above noted substantial question of law. We are unable to agree. 4. The argument is premised on the applicability of section 28(iv) to the allotment of shares in question. The argument was that the as....

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.... 6. The Tribunal has found that the transaction insofar as the present assessee is concerned has alone been picked up. The allotment is made much prior to the performance of M/s.Reliance and as pointed out in the Director's Report dated 16th August 2001. In such circumstances, and when the assessee was not having any direct business relations or not having carried out any business with M/s. R....