Assessee company claimed to have received shares from various companies as gift without paying any consideration.  Assessing Officer held that transactions were sham and that benefit arose to assessee company through receipt of shares from various companies, however, did not make any addition in hands of assessee company, but made additions in hands of beneficiary within provisions of section 2(24) (iv) of the Act. On appeal the Tribunal held that from MOU submitted by assessee company it could be clearly seen that it was a family arrangement and internal family realignment amongst members of family,  therefore, assessment in case of assessee company being nil, Assessing Officer by lifting corporate veil, without providing any cogent reasons could not have commented on said transaction as sham and bogus and by doing this he had overstepped provisions of Act and commented on third party assessee (beneficiary) which was not permissible. (AY. 2014-15)