https://www.taxtmi.com/caselaws?id=248558 Capital gains on a genuine share sale must be computed on the actual sale consideration under section 48 unless the statute expressly permits substitution by deemed or fair market value. The Assessing Officer could not replace the stated sale price with break-up value or another notional figure merely on estimation, especially where no material showed receipt of different consideration. As the shares were treated as sold and no statutory basis justified a different valuation, the first appellate authority's deletion of the adjustment was upheld. en-us Fri, 24 May 2013 00:00:00 +0530 Mon, 16 Jun 2014 22:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248558 Capital gains on a genuine share sale must be computed on the actual sale consideration under section 48 unless the statute expressly permits substitution by deemed or fair market value. The Assessing Officer could not replace the stated sale price with break-up value or another notional figure merely on estimation, especially where no material showed receipt of different consideration. As the shares were treated as sold and no statutory basis justified a different valuation, the first appellate authority's deletion of the adjustment was upheld. Case-Laws Income Tax Fri, 24 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248558