https://www.taxtmi.com/caselaws?id=752898 For capital gains on transfer of unquoted shares, consideration cannot be substituted merely because another shareholder group received a higher price; section 50C does not apply where the asset transferred is shares, and any higher value must rest on a factual basis tied to the taxpayer's transaction. The note also explains that rent actually paid may qualify for deduction against house rent allowance where supported by evidence, including payment to an HUF landlord. On the stated facts, both issues were resolved in favour of the assessee and the additions and disallowance were deleted. en-us Wed, 03 Jan 2024 00:00:00 +0530 Tue, 21 May 2024 08:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752898 For capital gains on transfer of unquoted shares, consideration cannot be substituted merely because another shareholder group received a higher price; section 50C does not apply where the asset transferred is shares, and any higher value must rest on a factual basis tied to the taxpayer's transaction. The note also explains that rent actually paid may qualify for deduction against house rent allowance where supported by evidence, including payment to an HUF landlord. On the stated facts, both issues were resolved in favour of the assessee and the additions and disallowance were deleted. Case-Laws Income Tax Wed, 03 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752898