https://www.taxtmi.com/caselaws?id=184027 The judgment concluded that non-cash assets, such as shares, should be valued in money for income-tax purposes in the year of receipt, even if not immediately realisable. The Commissioners were directed to consider all relevant circumstances, including marketability and terms of the agreement, to determine the proper valuation. The case was remitted back to the Commissioners to reassess the shares' value, emphasizing the need to consider all relevant factors and not solely rely on the par value stipulated in the agreement. The appeals were allowed, and no costs were awarded in respect of the appeals to the House. en-us Wed, 14 Jul 1948 00:00:00 +0530 Tue, 28 Jun 2016 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184027 The judgment concluded that non-cash assets, such as shares, should be valued in money for income-tax purposes in the year of receipt, even if not immediately realisable. The Commissioners were directed to consider all relevant circumstances, including marketability and terms of the agreement, to determine the proper valuation. The case was remitted back to the Commissioners to reassess the shares' value, emphasizing the need to consider all relevant factors and not solely rely on the par value stipulated in the agreement. The appeals were allowed, and no costs were awarded in respect of the appeals to the House. Case-Laws Income Tax Wed, 14 Jul 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184027