https://www.taxtmi.com/caselaws?id=235949 Rights in partially convertible debentures sold below prevailing market value were held not to be shown as sold at the best obtainable price. The assessee relied mainly on a stockbroker's letter suggesting difficulty in disposing of a large lot within a short sale period, but there was no further evidence of compulsion, diligence, or inability to realise the market rate. On that material, the statutory valuation method applied and the difference was treated as a deemed gift under the Gift Tax Act, 1958. The assessee therefore failed to discharge the burden of proving that the sale price reflected the best possible price. en-us Tue, 23 Jul 2013 00:00:00 +0530 Fri, 09 Aug 2013 09:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235949 Rights in partially convertible debentures sold below prevailing market value were held not to be shown as sold at the best obtainable price. The assessee relied mainly on a stockbroker's letter suggesting difficulty in disposing of a large lot within a short sale period, but there was no further evidence of compulsion, diligence, or inability to realise the market rate. On that material, the statutory valuation method applied and the difference was treated as a deemed gift under the Gift Tax Act, 1958. The assessee therefore failed to discharge the burden of proving that the sale price reflected the best possible price. Case-Laws Income Tax Tue, 23 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235949