https://www.taxtmi.com/caselaws?id=468082 Capital gains on unlisted-share transfers for assessment years preceding section 50CA must be computed under section 48 using the actual consideration received or accrued, unless the revenue establishes understatement. An Assessing Officer cannot substitute an estimated fair market value based on projections and assumptions where the agreed consideration between independent parties is supported by transaction records. Section 50CA, permitting fair-market-value substitution for transfers of unquoted shares, applies only from assessment year 2018-19 and cannot be applied retrospectively to assessment year 2014-15. The notional valuation addition was therefore deleted. 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 Capital gains on unlisted-share transfers for assessment years preceding section 50CA must be computed under section 48 using the actual consideration received or accrued, unless the revenue establishes understatement. An Assessing Officer cannot substitute an estimated fair market value based on projections and assumptions where the agreed consideration between independent parties is supported by transaction records. Section 50CA, permitting fair-market-value substitution for transfers of unquoted shares, applies only from assessment year 2018-19 and cannot be applied retrospectively to assessment year 2014-15. The notional valuation addition was therefore deleted. Case-Laws Income Tax Tue, 06 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468082