{"id":6011,"date":"2019-06-28T13:13:20","date_gmt":"2019-06-28T13:13:20","guid":{"rendered":"http:\/\/itatonline.org\/digest\/radhika-roy-v-dcit-delhitrib-www-itatonline-org-prannoy-roy-v-dcit-delhitrib-www-itatonline-org-2\/"},"modified":"2019-09-22T13:06:09","modified_gmt":"2019-09-22T13:06:09","slug":"radhika-roy-v-dcit-delhitrib-www-itatonline-org-prannoy-roy-v-dcit-delhitrib-www-itatonline-org-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/radhika-roy-v-dcit-delhitrib-www-itatonline-org-prannoy-roy-v-dcit-delhitrib-www-itatonline-org-2\/","title":{"rendered":"Radhika Roy v. DCIT ( 2019) 200 TTJ 665\/ 73 ITR 239 \/ 180 DTR 329(Delhi)(Trib.), www.itatonline.org  Dr. Prannoy Roy v. DCIT( 2019) 200 TTJ 665\/ 73 ITR 239   (Delhi)(Trib.), www.itatonline.org"},"content":{"rendered":"<p>The assessee&#8217;s purchase of shares of NDTV\u00a0 Ltd. at Rs 4 per share from RRPR Holdings Pvt Ltd when the market price of the share was Rs. 140 is a benefit taxable u\/s 56 (2)( vii). The argument that as it is a transaction between closely related parties, there is no motive of tax evasion &amp; s. 56 (2) does not apply is not acceptable. The assessee has failed to explain by credible evidence any reason of buying shares of the company at Rs. 4 per share when the quoted price was Rs. 140 &amp; so the assessee cannot say that there was no motive of tax evasion. Even otherwise, s. 56 (2) deems such differences\/receipts as income. .( ITA No. 2020\/del\/2017, dt. 14.06.2019)(AY. 2009-10, 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 56 : Income from other Sources-Purchase of shares at Rs.  4 per shares when the market price was Rs. 140 per share-Failure to explain by credible evidence or any reason or no motive for tax evasion- Difference is held to be taxable as income. [S.56(2)(vii) (c)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6011","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1yX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6011"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6011\/revisions"}],"predecessor-version":[{"id":7313,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6011\/revisions\/7313"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}