https://www.taxtmi.com/caselaws?id=262060 A seized letter, without corroborative material, was insufficient to treat Rs. 2 crores as the sale consideration for shares or to sustain long-term capital gains. The tax authorities failed to prove valuation of the shares, payment of the alleged consideration, or that the related memorandum of understanding was acted upon. The surrounding facts, including continued service by the assessee, transfer of only 71,000 shares instead of 75,000, and the possibility of a composite arrangement covering share transfer and non-compete obligations, undermined the revenue's inference. The capital-gain addition was deleted. en-us Tue, 28 Jul 2015 00:00:00 +0530 Fri, 31 Jul 2015 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262060 A seized letter, without corroborative material, was insufficient to treat Rs. 2 crores as the sale consideration for shares or to sustain long-term capital gains. The tax authorities failed to prove valuation of the shares, payment of the alleged consideration, or that the related memorandum of understanding was acted upon. The surrounding facts, including continued service by the assessee, transfer of only 71,000 shares instead of 75,000, and the possibility of a composite arrangement covering share transfer and non-compete obligations, undermined the revenue's inference. The capital-gain addition was deleted. Case-Laws Income Tax Tue, 28 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262060