Provisions of section 28(va) doesn’t apply in case of termination of call option

Sindya Securities & Investments Pvt. Ltd Vs ACIT (ITAT Chennai) ITAT Chennai held that the termination of the call option merely relinquishes the right of to buy shares, however, there is no element of non-compete obligation inherent in the agreement and hence provisions of Section 28(va) of the Income Tax Act cannot be triggered. Facts- Vide the present appeal, the appellants assails the invocation of revisionary jurisdiction u/s. 263 by Ld. Pr. Commissioner of Income Tax, Chennai in the matter of an assessment framed by AO u/s. 143(3) of the Income Tax Act. Department contended that AO d...