Shares were allotted to a director at face value when another investor paid a premium. Tax authorities reopened the assessment and added difference as income under section 28(iv). Upon appeal to ITAT, it was held that, for section 28(iv) to apply, the benefit must arise from business or profession. The share acquisition was an investment transaction (capital field), not a business transaction (revenue field). Section 28(iv) only applies to benefits in the revenue field. Prior to the insertion of Section 56(2)(x) by the Finance Act, 2017 (effective April 1, 2017), there was no provision to tax property received without consideration or for less than fair market value. Hence, the said transaction was not taxable under 56(2)(x) either since it occurred before the amendment.  (AY. 2008-09)