https://www.taxtmi.com/caselaws?id=36040 The High Court declined to address the valuation of shares exchanged in a transaction due to an incompetent reference by the Tribunal. Regarding the determination of profit in the exchange of securities, the Court ruled in favor of the assessing officer, holding that the transaction resulted in a taxable profit under the Income Tax Act. The Court emphasized the commercial principles governing such transactions and dismissed the part of the appeal challenging the profit determination. en-us Fri, 25 Aug 1978 00:00:00 +0530 Fri, 19 Mar 2010 10:38:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36040 The High Court declined to address the valuation of shares exchanged in a transaction due to an incompetent reference by the Tribunal. Regarding the determination of profit in the exchange of securities, the Court ruled in favor of the assessing officer, holding that the transaction resulted in a taxable profit under the Income Tax Act. The Court emphasized the commercial principles governing such transactions and dismissed the part of the appeal challenging the profit determination. Case-Laws Income Tax Fri, 25 Aug 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36040