2014 (5) TMI 145

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....y Akshay Vani, for the Respondent. ORDER P.C. 1 When this Appeal was called our, Mr.Trivedi, learned Senior Counsel appearing on behalf of the Respondent/ Assessee, handed over to us a copy of the order dated 24th March, 2014 passed in Income Tax Appeal No.94/2012 (Commissioner of Income Tax2 v/s M/s Kaizen Commercial Pvt.Ltd.). He submitted that the point raised in the present Appeal is ....

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.... 3 We are unable to agree. The ITAT in the case at hand held that one crore shares of M/s Reliance Infocom Limited were given to three companies, namely, M/s Fairever Traders & Consultants Private Limited, M/s Softnet Traders and Consultants Private Limited and M/s Prena Auto Private Limited on face value of Rs.1/. That was subject to the condition that the Assessee has to execute a job work of....

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....r of the ITAT. He overlooks paragraph 6.1 in which the ITAT considered an identical case of M/s Kaizen Commercial Private Limited. Relying on the findings in M/s Kaizen Commercial Private Limited, the ITAT held that the present case is identical to the said case. 5 Pertinently, the Appeal of the Revenue in the case of M/s Kaizen Commercial Private Limited has been dismissed by us by the order d....

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....ion that Section 28(iv) cannot be invoked as far as the Assessee is concerned. All findings of fact arrived at by the CIT (Appeals) concurrently point to the fact that the Companies may have got the contracts through the Assessee and as part of the contract the shares were handed over, but handing over of the shares was conditional. The Assessee failed to abide by the condition and eventually retu....