https://www.taxtmi.com/caselaws?id=70651 The Appellate Tribunal in this case held that the capital gains arising from the transfer of shares of M/s Carborundum Universal Limited should include expenses incurred, directing the Income Tax Officer to recompute the gains after deducting the expenditure. The Tribunal upheld the valuation of shares based on market value, rejecting the appellant's claim for further deduction. Additionally, the Tribunal found the imposition of penalty and interest for filing the return invalid, canceling the levy due to the appellant's genuine compliance efforts. The Tribunal partly allowed one appeal and fully allowed another, dismissing the Revenue's appeal. en-us Fri, 02 Mar 1990 00:00:00 +0530 Mon, 18 Apr 2011 13:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70651 The Appellate Tribunal in this case held that the capital gains arising from the transfer of shares of M/s Carborundum Universal Limited should include expenses incurred, directing the Income Tax Officer to recompute the gains after deducting the expenditure. The Tribunal upheld the valuation of shares based on market value, rejecting the appellant's claim for further deduction. Additionally, the Tribunal found the imposition of penalty and interest for filing the return invalid, canceling the levy due to the appellant's genuine compliance efforts. The Tribunal partly allowed one appeal and fully allowed another, dismissing the Revenue's appeal. Case-Laws Income Tax Fri, 02 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70651