https://www.taxtmi.com/caselaws?id=190282 The Calcutta High Court ruled in favor of the assessee in a case involving the interpretation of a long-term capital loss claimed due to the assignment and exchange of a promissory note for shares. The court upheld the Tribunal's decision that the shares' value was below face value, leading to no excess realization for taxation. The Revenue's appeal was dismissed as the Tribunal did not commit any error of law, and the valuation of shares was not raised on referral. This case underscores the importance of accurately valuing assets in exchange transactions and following proper procedures in tax assessments. en-us Thu, 23 Nov 1989 00:00:00 +0530 Fri, 10 Feb 2017 18:02:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190282 The Calcutta High Court ruled in favor of the assessee in a case involving the interpretation of a long-term capital loss claimed due to the assignment and exchange of a promissory note for shares. The court upheld the Tribunal's decision that the shares' value was below face value, leading to no excess realization for taxation. The Revenue's appeal was dismissed as the Tribunal did not commit any error of law, and the valuation of shares was not raised on referral. This case underscores the importance of accurately valuing assets in exchange transactions and following proper procedures in tax assessments. Case-Laws Income Tax Thu, 23 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190282