https://www.taxtmi.com/caselaws?id=5044 A transaction transferring a cinema house and its assets in return for preference shares was treated as an exchange, not a sale, because the operative document showed reciprocal transfer of properties rather than transfer for money consideration. The legal character of the transaction had to be determined from the document's terms, not its recital, the parties' description, or a stamp valuation. Since section 10(2)(vii) of the Income-tax Act, 1922 applied only where the transaction was in law a sale, the provision could not apply on these facts. en-us Tue, 02 May 1967 00:00:00 +0530 Fri, 04 Jul 2014 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5044 A transaction transferring a cinema house and its assets in return for preference shares was treated as an exchange, not a sale, because the operative document showed reciprocal transfer of properties rather than transfer for money consideration. The legal character of the transaction had to be determined from the document's terms, not its recital, the parties' description, or a stamp valuation. Since section 10(2)(vii) of the Income-tax Act, 1922 applied only where the transaction was in law a sale, the provision could not apply on these facts. Case-Laws Income Tax Tue, 02 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5044