Though assessee shown as “owner” of demat shares in depository’s books, if he shows to be mere “pledgee”, there is no “benefit” u/s 2(24)(iv)

INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “B” Jt. Commissioner of Income Tax Vs. Shri Mukesh D. Ambani, I.T.A. No. 7604/Mum/07 (Assessment Year: 2004- 2005) ORDER PER N.V. VASUDEVAN, JM :- This is an appeal by the Revenue against the order dated 31.10.2007 of CIT(A)-III, Mumbai, relating to A.Y. 04-05. 2. The Assessee is an individual. He is the chairman and Managing Director of M/s.Reliance Industries Ltd. He was appointed Managing Director of a company by name M/S.Reliance Communication and Infrastructure Ltd. (RCIL) w.e.f. 11.3.2004. RCIL held fully paid equity share ...