2016 (9) TMI 1155 - SCH - Income Tax

Applicability of section 28(iv) - value of any benefit or perquisite transfer of shares for Failure to comply with the conditions of contract - Held that - We do not find any legal and valid ground for interference. The Special Leave Petitions are dismissed. HC order confirmed 2014 (5) TMI 145 - BOMBAY HIGH COURT saying If the income chargeable to income tax under the head profits and gains includes the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession, but finding that such benefit or perquisite, whether convertible into money or not, has not been derived in this case by the Assessee, Section 28(iv) cannot be invoked - Decided against revenue

Summary

The Supreme Court of India in 2016 (9) TMI 1155 - SC Order, dismissed the Special Leave Petitions after hearing counsels for both parties and reviewing relevant material. No legal and valid ground for interference was found.