https://www.taxtmi.com/caselaws?id=14214 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision regarding the fair market value of assets transferred upon dissolution of a firm for the assessment year 1991-92. The court determined that the fair market value determined by the District Registrar, as per section 45(4) of the Income-tax Act, should be considered, rejecting the assessee's argument that the consideration received by the firm should suffice. The court emphasized the distinction between sections 12B and 45(4) of the Indian Income-tax Act, supporting the Tribunal's decision based on the asset's market value for calculating capital gains. en-us Fri, 02 Feb 2001 00:00:00 +0530 Tue, 14 Jul 2009 15:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14214 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision regarding the fair market value of assets transferred upon dissolution of a firm for the assessment year 1991-92. The court determined that the fair market value determined by the District Registrar, as per section 45(4) of the Income-tax Act, should be considered, rejecting the assessee's argument that the consideration received by the firm should suffice. The court emphasized the distinction between sections 12B and 45(4) of the Indian Income-tax Act, supporting the Tribunal's decision based on the asset's market value for calculating capital gains. Case-Laws Income Tax Fri, 02 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14214