https://www.taxtmi.com/caselaws?id=216265 The Tribunal reinstated the addition of Rs. 7,56,478 on account of capital gain, ruling that the fair market value of assets must be considered for capital gain calculation. The Tribunal rejected the argument that the business transfer should be valued at book value, emphasizing the application of section 45(4). Additionally, the Tribunal denied the assessee's claim for deduction under section 80-I, determining that the firm did not meet the conditions specified in section 80-I(2) as it was formed by reconstructing an existing business. en-us Fri, 26 Mar 2010 00:00:00 +0530 Wed, 05 Sep 2012 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216265 The Tribunal reinstated the addition of Rs. 7,56,478 on account of capital gain, ruling that the fair market value of assets must be considered for capital gain calculation. The Tribunal rejected the argument that the business transfer should be valued at book value, emphasizing the application of section 45(4). Additionally, the Tribunal denied the assessee's claim for deduction under section 80-I, determining that the firm did not meet the conditions specified in section 80-I(2) as it was formed by reconstructing an existing business. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216265