https://www.taxtmi.com/caselaws?id=178903 For computation of capital gains under section 48 of the Income-tax Act, actual consideration received on transfer governs, and book value cannot be substituted on a notional basis where the share transfer is duly evidenced. The assessee's long-term capital loss on sale of unquoted shares was supported by cheque payments, executed transfer deeds, and completion of transfer formalities by the issuing company. On those facts, the restriction of loss to book value was held unjustified, and the declared loss was accepted. en-us Fri, 27 Feb 2015 00:00:00 +0530 Tue, 16 Feb 2016 10:16:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178903 For computation of capital gains under section 48 of the Income-tax Act, actual consideration received on transfer governs, and book value cannot be substituted on a notional basis where the share transfer is duly evidenced. The assessee's long-term capital loss on sale of unquoted shares was supported by cheque payments, executed transfer deeds, and completion of transfer formalities by the issuing company. On those facts, the restriction of loss to book value was held unjustified, and the declared loss was accepted. Case-Laws Income Tax Fri, 27 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178903