https://www.taxtmi.com/caselaws?id=27414 Valuation of shares for capital gains, where immovable property was exchanged for shares, was treated as a factual exercise based on accepted accountancy principles for a private limited company; no error of law or principle was shown, so no referable question of law arose. The court also held that an appeal was not defeated merely because a question of interest under section 139 was embedded in the broader capital gains dispute, since maintainability depends on the substance of the matter. The income-tax reference was dismissed because the proposed questions did not arise for decision as questions of law. en-us Wed, 10 Nov 1976 00:00:00 +0530 Fri, 12 Feb 2010 16:28:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27414 Valuation of shares for capital gains, where immovable property was exchanged for shares, was treated as a factual exercise based on accepted accountancy principles for a private limited company; no error of law or principle was shown, so no referable question of law arose. The court also held that an appeal was not defeated merely because a question of interest under section 139 was embedded in the broader capital gains dispute, since maintainability depends on the substance of the matter. The income-tax reference was dismissed because the proposed questions did not arise for decision as questions of law. Case-Laws Income Tax Wed, 10 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27414