COMMISSIONER OF INCOME TAX Vs. RAJIV GUPTA

JUDGEMENT

(1.) BATCH of appeals.

(2.) WE are concerned only with ITA No. 1207/Del/1999 relevant for the asst. yr. 1995 -96 decided by the Tribunal.

(3.) THE assessee had purchased some shares of a company by the name of M/s Metal Rod (P) Ltd. The shares were not listed in the stock exchange. The face value of the shares was Rs. 10. The AO was of the view that on the break up value of the shares, the market price of the shares came to Rs. 16.40 and, therefore, the assessee had obtained a benefit of Rs. 6.40 per share which was considered as a perquisite. In coming to this conclusion, the AO relied upon a (St) 1]. According to the AO, the following sub -clause of the circular was relevant and this reads as follows (p. 27) :