https://www.taxtmi.com/caselaws?id=290267 For super-tax purposes, shares issued under an illusory arrangement are valued at their real value when parted with, rather than their nominal value. Where an Indian company issued shares as consideration for Burma Corporation shares, the transaction did not establish a genuine purchase and sale or a deductible loss. The English companies remained liable for the discount, and the arrangement did not demonstrate that the Indian company had incurred an actual loss. A loss deduction therefore requires proof of an actual loss calculated by reference to the real value of the shares issued. 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, shares issued under an illusory arrangement are valued at their real value when parted with, rather than their nominal value. Where an Indian company issued shares as consideration for Burma Corporation shares, the transaction did not establish a genuine purchase and sale or a deductible loss. The English companies remained liable for the discount, and the arrangement did not demonstrate that the Indian company had incurred an actual loss. A loss deduction therefore requires proof of an actual loss calculated by reference to the real value of the shares issued. Case-Laws Income Tax Thu, 30 Jan 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290267