https://www.taxtmi.com/caselaws?id=191537 The court found that the assessee did not make any taxable profit or gain by transferring shares to a limited company. The transaction did not result in real profit or a new valuable asset, but rather was deemed a mere readjustment of business position. As such, the court held that the difference between the market value and cost price of the shares did not render the assessee liable to pay tax. The Commissioner was directed to bear the costs as the reference was answered in the negative. en-us Thu, 22 Sep 1955 00:00:00 +0530 Thu, 06 Apr 2017 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191537 The court found that the assessee did not make any taxable profit or gain by transferring shares to a limited company. The transaction did not result in real profit or a new valuable asset, but rather was deemed a mere readjustment of business position. As such, the court held that the difference between the market value and cost price of the shares did not render the assessee liable to pay tax. The Commissioner was directed to bear the costs as the reference was answered in the negative. Case-Laws Income Tax Thu, 22 Sep 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191537