https://www.taxtmi.com/caselaws?id=58062 The Appellate Tribunal ITAT Bombay-A ruled in favor of the revenue in a case concerning the substitution of fair market value for shares held in an amalgamated company. The Tribunal held that the assessee could not opt for the fair market value as of 1-1-1964 for shares received post-amalgamation on 1-7-1974, as they were not acquired before that date. Additionally, the Tribunal determined that the method of valuation based on yield or break-up value was inconsequential, emphasizing that the cost paid by the assessee in acquiring the shares was the determining factor for capital gains tax purposes. en-us Thu, 31 Jul 1986 00:00:00 +0530 Fri, 17 Dec 2010 11:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58062 The Appellate Tribunal ITAT Bombay-A ruled in favor of the revenue in a case concerning the substitution of fair market value for shares held in an amalgamated company. The Tribunal held that the assessee could not opt for the fair market value as of 1-1-1964 for shares received post-amalgamation on 1-7-1974, as they were not acquired before that date. Additionally, the Tribunal determined that the method of valuation based on yield or break-up value was inconsequential, emphasizing that the cost paid by the assessee in acquiring the shares was the determining factor for capital gains tax purposes. Case-Laws Income Tax Thu, 31 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58062