https://www.taxtmi.com/caselaws?id=290267 For super-tax purposes, where Indian company shares were issued in exchange for Burma Corporation shares under an illusory arrangement, the relevant consideration was the real value of the fully paid shares at the date they were parted with, not their nominal value. On that basis, the claimed loss on realisation was not established because the transaction did not show that the Indian company had suffered a deductible loss. The cited authority in Wragg did not require a different result on these facts. The article therefore states that a deduction for loss depends on proof of an actual loss measured by real value, not nominal value. en-us Thu, 30 Jan 1930 00:00:00 +0530 Wed, 16 Sep 2020 15:24:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290267 For super-tax purposes, where Indian company shares were issued in exchange for Burma Corporation shares under an illusory arrangement, the relevant consideration was the real value of the fully paid shares at the date they were parted with, not their nominal value. On that basis, the claimed loss on realisation was not established because the transaction did not show that the Indian company had suffered a deductible loss. The cited authority in Wragg did not require a different result on these facts. The article therefore states that a deduction for loss depends on proof of an actual loss measured by real value, not nominal value. Case-Laws Income Tax Thu, 30 Jan 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290267