https://www.taxtmi.com/caselaws?id=55844 The Tribunal upheld the CIT(A)'s decision to quash the reassessment initiated by the Revenue concerning the valuation of shares received as a donation by the assessee trust for the assessment year 1973-74. It was held that the ITO exceeded his authority in altering the share value and computing capital gains based on an Audit Party note, which misinterpreted the correct valuation method under the IT Act. The Tribunal emphasized the significance of adhering to proper legal provisions in valuing assets for charitable trusts and dismissed the Revenue's appeal, stating that a mere difference in opinion does not justify reopening the assessment. en-us Wed, 17 Feb 1982 00:00:00 +0530 Tue, 30 Nov 2010 13:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55844 The Tribunal upheld the CIT(A)'s decision to quash the reassessment initiated by the Revenue concerning the valuation of shares received as a donation by the assessee trust for the assessment year 1973-74. It was held that the ITO exceeded his authority in altering the share value and computing capital gains based on an Audit Party note, which misinterpreted the correct valuation method under the IT Act. The Tribunal emphasized the significance of adhering to proper legal provisions in valuing assets for charitable trusts and dismissed the Revenue's appeal, stating that a mere difference in opinion does not justify reopening the assessment. Case-Laws Income Tax Wed, 17 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55844