https://www.taxtmi.com/caselaws?id=212854 The High Court upheld the Assessing Officer's decision to add Rs. 75 lakhs to the income of the assessees, as the actual consideration for the transfer of shares in Span Properties Pvt. Ltd. was found to be not less than Rs. 6.35 crore. The Court rejected the Tribunal's conclusion that the consideration was only Rs. 2.5 crore, emphasizing the agreed value of Rs. 6.35 crore based on the MoUs. The Revenue successfully proved the understatement of consideration, leading to the addition in income. The Tribunal's findings were overturned, and the appeals were decided in favor of the Revenue without costs. en-us Mon, 23 Apr 2012 00:00:00 +0530 Wed, 12 Dec 2012 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212854 The High Court upheld the Assessing Officer's decision to add Rs. 75 lakhs to the income of the assessees, as the actual consideration for the transfer of shares in Span Properties Pvt. Ltd. was found to be not less than Rs. 6.35 crore. The Court rejected the Tribunal's conclusion that the consideration was only Rs. 2.5 crore, emphasizing the agreed value of Rs. 6.35 crore based on the MoUs. The Revenue successfully proved the understatement of consideration, leading to the addition in income. The Tribunal's findings were overturned, and the appeals were decided in favor of the Revenue without costs. Case-Laws Income Tax Mon, 23 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212854