https://www.taxtmi.com/caselaws?id=66267 Under section 269C of the Income-tax Act, a transfer described in the deed as a sale for fixed monetary consideration, with shares used only as the mode of payment, was treated as a valid sale by the firm to the company and not as an exchange. At initiation, prima facie valuation material and inspection findings were sufficient to support reasons to believe. However, acquisition could not be sustained because the record did not show that the stated consideration was false or that any larger consideration actually passed, nor did it establish an object of tax evasion or concealment of income. A mere gap between apparent consideration and market value was insufficient. en-us Mon, 14 Feb 1977 00:00:00 +0530 Wed, 23 Feb 2011 12:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66267 Under section 269C of the Income-tax Act, a transfer described in the deed as a sale for fixed monetary consideration, with shares used only as the mode of payment, was treated as a valid sale by the firm to the company and not as an exchange. At initiation, prima facie valuation material and inspection findings were sufficient to support reasons to believe. However, acquisition could not be sustained because the record did not show that the stated consideration was false or that any larger consideration actually passed, nor did it establish an object of tax evasion or concealment of income. A mere gap between apparent consideration and market value was insufficient. Case-Laws Income Tax Mon, 14 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66267