https://www.taxtmi.com/caselaws?id=271725 For capital gains computation, the agreed sale consideration of shares cannot be replaced by market value or book value unless there is material showing that higher real consideration was received; on the facts, banking-channel sale and completed transfer formalities supported the assessee's declared consideration, so the long-term capital loss was allowed. A penalty under section 271(1)(c) founded solely on the same unsustained quantum addition cannot survive once the addition is deleted; accordingly, the penalty was also liable to be deleted and the assessee's relief was maintained in full. en-us Fri, 22 Jan 2016 00:00:00 +0530 Mon, 15 Feb 2016 00:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271725 For capital gains computation, the agreed sale consideration of shares cannot be replaced by market value or book value unless there is material showing that higher real consideration was received; on the facts, banking-channel sale and completed transfer formalities supported the assessee's declared consideration, so the long-term capital loss was allowed. A penalty under section 271(1)(c) founded solely on the same unsustained quantum addition cannot survive once the addition is deleted; accordingly, the penalty was also liable to be deleted and the assessee's relief was maintained in full. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271725