2014 (10) TMI 184

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....011 of the tribunal. Mr.Malhotra appearing for the Revenue submits that substantial question of law at paragraph 6.1 arises for determination and consideration. 3. Mr.Malhotra has fairly stated that the Assessee is a company engaged in business of shares and stock trading and broking. It is a member of Bombay Stock Exchange (for short "BSE"). The membership of BSE was purchased in the financial year 1998-99 for total consideration of Rs. 97,51,000/-. The return of income was filed on 30th November, 2006 declaring total income of Rs. 1,59,42,000/-. The assessment was completed on 30th December, 2008 under section 143(3) on a total income of Rs. 1,80,24.063/-. The Assessee claimed depreciation on the value of card in assessment years 2004-....

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....ra submits that it is this exercise and referable to section 28(1)(iv) that is subject matter of the present appeal. Mr.Malhotra submits that the value of any benefit or perquisite whether convertible into money or not arising from the business or the exercise of a profession is what is postulated by section 28(1)(iv). It is benefit in this case and which arises from the business of the Assessee. It may be that the benefit would accrue after the card has been transferred. Therefore, this appeal raises substantial question of law according to Mr.Malhotra. 6. On the other hand Mr.Jasani submits that the entire question is academic. In that regard our attention is invited to the assessment officer's order and particularly the finding at....

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....n, the question of law as posed before need not be entertained. The assessing officer himself is aware of the fact that it may be argued that the benefit will arise in the year of transfer and not in the current year. Therefore, for the current year it is only demutualisation which has taken place and on that basis alone it is said that the assessee derives benefit. Nothing has been pointed out other than this fact to indicate as to how section 28 (1)(iv) is stated to be attracted. There is nothing on record save and except the fact that the exchange is now a limited company and a corporate entity. It is that corporate entity of which the assessee has become share holder/member. It is that corporate entity which is successor in title of BSE....