https://www.taxtmi.com/caselaws?id=69708 The case involved an appeal against the assessment of capital gains for the Asst. yr. 1976-77 concerning the sale of shares. The dispute centered on the application of the Wealth Tax Act and Rules to Income Tax proceedings, specifically regarding the fair market value of unquoted shares. The Tribunal upheld the Appellate Assistant Commissioner's decision, ruling that the Wealth Tax Rules did not apply retrospectively to determine the fair market value as on 1st Jan., 1954. The department's argument to reduce the break-up value by 15% was rejected, leading to the dismissal of the revenue's appeal. en-us Mon, 31 Jul 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69708 The case involved an appeal against the assessment of capital gains for the Asst. yr. 1976-77 concerning the sale of shares. The dispute centered on the application of the Wealth Tax Act and Rules to Income Tax proceedings, specifically regarding the fair market value of unquoted shares. The Tribunal upheld the Appellate Assistant Commissioner's decision, ruling that the Wealth Tax Rules did not apply retrospectively to determine the fair market value as on 1st Jan., 1954. The department's argument to reduce the break-up value by 15% was rejected, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69708