https://www.taxtmi.com/caselaws?id=17964 The court upheld the Appellate Tribunal's decision to set aside the Commissioner of Income-tax's order under section 263 of the Income-tax Act, 1961. It ruled in favor of the assessee's method of valuing bonus shares, determining the cost based on the fair market value as on January 1, 1964. The court found that the original assessment by the Income-tax Officer was not erroneous or prejudicial to revenue interests. The Department's argument for a higher capital gains tax was rejected, and the court affirmed the Tribunal's decision, answering both legal questions against the Department. en-us Mon, 24 Jun 1996 00:00:00 +0530 Fri, 25 Sep 2009 18:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17964 The court upheld the Appellate Tribunal's decision to set aside the Commissioner of Income-tax's order under section 263 of the Income-tax Act, 1961. It ruled in favor of the assessee's method of valuing bonus shares, determining the cost based on the fair market value as on January 1, 1964. The court found that the original assessment by the Income-tax Officer was not erroneous or prejudicial to revenue interests. The Department's argument for a higher capital gains tax was rejected, and the court affirmed the Tribunal's decision, answering both legal questions against the Department. Case-Laws Income Tax Mon, 24 Jun 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17964