https://www.taxtmi.com/caselaws?id=248762 The tribunal ruled in favor of the assessee in an appeal against the order of the Ld. CIT(A)-40, Mumbai for the Assessment Year 2009-10. The AO's recalculation of long term capital gains and sale of shares of ITL Industries Ltd. was challenged. The tribunal held that the AO cannot substitute the value of consideration without contradicting material facts. It was deemed unjustified to confirm the addition made by the AO, and the claim of the assessee was allowed. The tribunal emphasized that the AO lacks authority to replace sale consideration value without specific provisions, ultimately ruling in favor of the assessee. en-us Wed, 04 Jun 2014 00:00:00 +0530 Fri, 20 Jun 2014 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248762 The tribunal ruled in favor of the assessee in an appeal against the order of the Ld. CIT(A)-40, Mumbai for the Assessment Year 2009-10. The AO's recalculation of long term capital gains and sale of shares of ITL Industries Ltd. was challenged. The tribunal held that the AO cannot substitute the value of consideration without contradicting material facts. It was deemed unjustified to confirm the addition made by the AO, and the claim of the assessee was allowed. The tribunal emphasized that the AO lacks authority to replace sale consideration value without specific provisions, ultimately ruling in favor of the assessee. Case-Laws Income Tax Wed, 04 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248762