https://www.taxtmi.com/caselaws?id=27365 The court addressed valuation issues of shares for capital gains tax purposes, involving a transfer by the assessee to relatives. Disagreement arose over the valuation, with the ITO valuing higher than the assessee. The Tribunal considered fair market value based on Wealth-tax Rules and the object of avoiding income tax liability. Relying on precedents and statutory interpretation, the court ruled in favor of the assessee, holding the transferred amount exempt from income tax under section 47 of the Income-tax Act. The Revenue's question was answered against them, and the remaining issues were left unanswered, with no costs awarded. en-us Wed, 11 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 13:30:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27365 The court addressed valuation issues of shares for capital gains tax purposes, involving a transfer by the assessee to relatives. Disagreement arose over the valuation, with the ITO valuing higher than the assessee. The Tribunal considered fair market value based on Wealth-tax Rules and the object of avoiding income tax liability. Relying on precedents and statutory interpretation, the court ruled in favor of the assessee, holding the transferred amount exempt from income tax under section 47 of the Income-tax Act. The Revenue's question was answered against them, and the remaining issues were left unanswered, with no costs awarded. Case-Laws Income Tax Wed, 11 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27365