https://www.taxtmi.com/caselaws?id=275380 A transfer of a cinema concern in exchange for preference shares was treated as an exchange, not a sale, because a sale under the Indian Income Tax Act, 1922 requires consideration in money price. The legal character of the transaction had to be gathered from the instrument itself and its true juridical effect, and the authorities could not recharacterise a genuine document without legal grounds. For tax computation, the relevant consideration was the actual market value of the shares received, not their face value, because face value did not reflect the real economic worth of the bargain. en-us Fri, 30 Oct 1964 00:00:00 +0530 Sat, 29 Sep 2018 16:38:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275380 A transfer of a cinema concern in exchange for preference shares was treated as an exchange, not a sale, because a sale under the Indian Income Tax Act, 1922 requires consideration in money price. The legal character of the transaction had to be gathered from the instrument itself and its true juridical effect, and the authorities could not recharacterise a genuine document without legal grounds. For tax computation, the relevant consideration was the actual market value of the shares received, not their face value, because face value did not reflect the real economic worth of the bargain. Case-Laws Income Tax Fri, 30 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275380