https://www.taxtmi.com/caselaws?id=172461 The Tribunal allowed the appellant's appeal, directing the Assessing Officer to compute capital gain based on the consideration received for the transfer of shares, in line with section 48 of the Income Tax Act. The Tribunal emphasized that the Act does not mandate considering market value for capital gain computation, aligning with the judicial precedent established by the Hon'ble Gujarat High Court. The decision rejected the argument for utilizing market value and underscored the importance of determining capital gain based on actual consideration received, irrespective of the type of asset involved. en-us Fri, 05 Aug 2011 00:00:00 +0530 Mon, 03 Apr 2023 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172461 The Tribunal allowed the appellant's appeal, directing the Assessing Officer to compute capital gain based on the consideration received for the transfer of shares, in line with section 48 of the Income Tax Act. The Tribunal emphasized that the Act does not mandate considering market value for capital gain computation, aligning with the judicial precedent established by the Hon'ble Gujarat High Court. The decision rejected the argument for utilizing market value and underscored the importance of determining capital gain based on actual consideration received, irrespective of the type of asset involved. Case-Laws Income Tax Fri, 05 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172461