https://www.taxtmi.com/caselaws?id=151691 The Tribunal allowed the assessee's appeal, ruling that neither Section 69 nor Section 28(iv) of the Income-tax Act, 1961 applied to the case. The Revenue's appeals were dismissed as there was no evidence of understatement of consideration to tax the difference between market value and purchase price under "Capital gains." The Tribunal stressed the importance of establishing the legal character of transactions and the requirement for evidence in allegations of tax avoidance. en-us Tue, 05 Feb 2008 00:00:00 +0530 Wed, 12 Jun 2013 15:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151691 The Tribunal allowed the assessee's appeal, ruling that neither Section 69 nor Section 28(iv) of the Income-tax Act, 1961 applied to the case. The Revenue's appeals were dismissed as there was no evidence of understatement of consideration to tax the difference between market value and purchase price under "Capital gains." The Tribunal stressed the importance of establishing the legal character of transactions and the requirement for evidence in allegations of tax avoidance. Case-Laws Income Tax Tue, 05 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151691