https://www.taxtmi.com/caselaws?id=468082 For assessment years before the introduction of section 50CA, capital gains on sale of unlisted shares must be computed under section 48 on the actual consideration received or accruing, unless the revenue proves understatement of consideration. An assessed fair market value based on projections or assumptions cannot replace the declared sale price where the transaction is between independent parties and the record supports the agreed consideration. Section 50CA applies only from assessment year 2018-19 and has no application to earlier years. The article therefore states that notional share valuation cannot be used to enhance capital gains for pre-50CA years. en-us Tue, 06 Aug 2024 00:00:00 +0530 Wed, 15 Apr 2026 20:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468082 For assessment years before the introduction of section 50CA, capital gains on sale of unlisted shares must be computed under section 48 on the actual consideration received or accruing, unless the revenue proves understatement of consideration. An assessed fair market value based on projections or assumptions cannot replace the declared sale price where the transaction is between independent parties and the record supports the agreed consideration. Section 50CA applies only from assessment year 2018-19 and has no application to earlier years. The article therefore states that notional share valuation cannot be used to enhance capital gains for pre-50CA years. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468082