Dismissing the appeal of the revenue the Tribunal held that ; Purchase of shares of a non-related company at a price less than fair value as it was a loss making concern cannot be assessed as benefit or perquisites.( AY.2010-11)
ACIT v. Swiftsol (I) (P.) Ltd. (2018) 171 ITD 577 (Nag.) (Trib.)
S. 28(iv) : Business income – Value of any benefit or perquisites – Converted in to money or not -Purchase of shares of a non-related company at a price less than fair value as it was a loss making concern cannot be assessed as benefit or perquisites . [ S.2(24 ) ]