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Difference between purchase and market price of shares quoted on BSE/NSE is deemed benefit taxable u/s 56(2)(vii)
Case Law Details
- Case Name
- Radhika Roy Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10, 2010-11
- Courts
- All ITAT, ITAT Delhi
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Radhika Roy Vs DCIT (ITAT Delhi)
Conclusion: Enhancement of assessee’s income on account of difference between the purchase price of the shares of NDTV limited at Rs 4 per share and the market price of those shares quoted on recognized stock exchange at Rs. 140 per share was a benefit taxable u/s 56 (2)( vii) as assessee could not justify that there was no motive of tax evasion in the same.
Held: Assessee had purchased shares of NDTV limited at the rate of Rs 4/- per share from M/S RRPR Holdings private limited whereas the market price of the share was INR 140/- per share at National s...
