https://www.taxtmi.com/caselaws?id=119071 The tribunal upheld the decision of the CIT(A) that the fair market value of shares received in exchange should not be considered as the cost of shares transferred. The cost of acquisition of the asset transferred should be based on the value appearing in the balance sheet. The tribunal also found the assessee liable for the delay in filing the return of income and upheld the validity of charging interest under sections 234A and 234B. As a result, both appeals were dismissed. en-us Thu, 31 Mar 2005 00:00:00 +0530 Sat, 07 Jul 2012 17:54:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119071 The tribunal upheld the decision of the CIT(A) that the fair market value of shares received in exchange should not be considered as the cost of shares transferred. The cost of acquisition of the asset transferred should be based on the value appearing in the balance sheet. The tribunal also found the assessee liable for the delay in filing the return of income and upheld the validity of charging interest under sections 234A and 234B. As a result, both appeals were dismissed. Case-Laws Income Tax Thu, 31 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119071