https://www.taxtmi.com/caselaws?id=177233 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, holding that the market value of shares should not be considered for computing business loss on their sale. Emphasizing adherence to Section 48 of the Income Tax Act, 1961, the ITAT directed the Assessing Officer to accept the loss as declared by the assessee based on the actual sale price of the shares. The decision reiterated that capital gain calculation should rely on the consideration received for the transfer of the asset, without incorporating market value assessments. en-us Fri, 09 Sep 2011 00:00:00 +0530 Tue, 10 Oct 2017 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177233 The Income Tax Appellate Tribunal (ITAT) allowed the assessee's appeal, holding that the market value of shares should not be considered for computing business loss on their sale. Emphasizing adherence to Section 48 of the Income Tax Act, 1961, the ITAT directed the Assessing Officer to accept the loss as declared by the assessee based on the actual sale price of the shares. The decision reiterated that capital gain calculation should rely on the consideration received for the transfer of the asset, without incorporating market value assessments. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177233