https://www.taxtmi.com/caselaws?id=207395 The appeal under Section 260A of the Income Tax Act, 1961 was dismissed by the High Court against the order of the Income Tax Appellate Tribunal for the assessment year 2002-2003. The court held that the assessing officer failed to prove that the unquoted shares were sold at a higher price than declared by the assessee, emphasizing the reliance on CCI guidelines for valuation of unlisted shares and the burden of proof resting on the assessing officer. The court found no error in the Tribunal's decision and dismissed the appeal, citing relevant case laws to support its judgment. en-us Fri, 25 Nov 2011 00:00:00 +0530 Fri, 20 Jan 2012 13:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207395 The appeal under Section 260A of the Income Tax Act, 1961 was dismissed by the High Court against the order of the Income Tax Appellate Tribunal for the assessment year 2002-2003. The court held that the assessing officer failed to prove that the unquoted shares were sold at a higher price than declared by the assessee, emphasizing the reliance on CCI guidelines for valuation of unlisted shares and the burden of proof resting on the assessing officer. The court found no error in the Tribunal's decision and dismissed the appeal, citing relevant case laws to support its judgment. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207395