Invocation of section 28(iv) unjustifiable when shares are held as investment: ITAT Delhi

Hero Motocorp Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that when shares are held as investments, there will be no business income and accordingly provisions of section 28(iv) of the Income Tax Act cannot be invoked. Facts- The appellant filed its return of income u/s. 139(1) of the Act declaring income of Rs.4,36,35,186, which was selected for scrutiny. In the meantime, before the completion of assessment, HIPL/ assessee got amalgamated with HHML w.e.f. 01.01.2013 [now known as Hero Moto Corp Ltd. (HMCL)], pursuant to the scheme of amalgamation. Assessment was completed u/s. 143(3) of the Act ...