Share Value Difference on Exchange for NPO Interest Not Taxable as Perquisite

CIT Vs Naresh K Trehan (Delhi High Court)

Delhi High Court has dismissed an appeal filed by the Income Tax Department, ruling that the difference in share value acquired in exchange for a non-profit interest cannot be treated as a taxable perquisite. The court found no substantial question of law in the Revenue’s challenge to an Income Tax Appellate Tribunal (ITAT) order concerning Assessment Year 2001-02 for assessee Naresh K Trehan. The appeal, filed with a significant delay of 1563 days, was nonetheless briefly examined by the court due to its long pendency.

The cas

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