Section 2(24) of the Income-tax Act, 1961—Income - The Assessing Officer by lifting the corporate veil, without providing any cogent reasons, and without appreciating that the beneficiary never obtained any benefit from this transaction at any time cannot comment on the said transaction as sham and bogus, thus, the observations made by the Assessing Officer in the present assessment order are without any jurisdiction, In fact, the Assessing Officer overstepped the provisions of the Income Tax Act wherein the Assessment is nil in the case of present Assessee company and commented on the third party assessee which is not permissible under the Act, thus, the assessing officer ought to have appreciated that the gift was given in compliance with necessary statutory provisions, after obtaining necessary authorizations and after following the due process under the law. - GLEBE TRADING (P.) LTD. V/s ITO - [2020] 183 ITD 166 (ITAT-DELHI)