https://www.taxtmi.com/caselaws?id=77891 The High Court ruled in favor of the Revenue and against the assessee in a case involving the reopening of assessment under section 148 of the Income-tax Act, 1961. The court upheld the Income-tax Officer's method of determining the value of shares acquired through amalgamation, leading to the disallowance of the claimed loss on the sale of shares. The court found that the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal had erred in allowing the assessee's claim, ultimately supporting the ITO's decision in recalculating the profit/loss based on the proportionate value of the shares. en-us Thu, 05 Mar 2009 00:00:00 +0530 Tue, 19 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77891 The High Court ruled in favor of the Revenue and against the assessee in a case involving the reopening of assessment under section 148 of the Income-tax Act, 1961. The court upheld the Income-tax Officer's method of determining the value of shares acquired through amalgamation, leading to the disallowance of the claimed loss on the sale of shares. The court found that the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal had erred in allowing the assessee's claim, ultimately supporting the ITO's decision in recalculating the profit/loss based on the proportionate value of the shares. Case-Laws Income Tax Thu, 05 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77891