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TMI Blog2014 (5) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessee is a Director - If the transfer was conditional and if the Assessee fails to comply with conditions and the shares could not be transferred in his name, then, applicability of Section 28(iv) of the Act is ruled out. 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 - no substantial question of law arises for consideration – Decided against Revenue. - Income Tax Appeal No. 1216 of 2012 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 laying of Optic Fibre Cable by achieving target of at least 50000 buildings within the stipulated period. This condition was not fulfilled by the Assessee and he returned one crore shares. The shares were given by M/s Ganesh Infrastructure Capital Fund and returned by the Assessee to the said M/s Ganesh Infrastructure Capital Fund. The ITAT noted as a matter of fact that there was no final transfer of these shares either in the name of Assessee or in the name of Companies i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at we are of the opinion 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 returned the shares. There was a finding of fact that no benefit or perquisite was arising from the deal in question. In such circumstances nothing more need be investigated or probed further as observed by us in the order in the case of M/s Kaizen Commercial Private Limited. 7 For the reasons that have persuaded us to dismiss t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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