https://www.taxtmi.com/caselaws?id=58945 The Appellate Tribunal ITAT BOMBAY-D partially allowed the appeal in a case involving the transfer of assets between related companies. The Tribunal ruled in favor of the assessee, determining that the original cost of the assets for the transferee's income tax assessment should be based on the consideration paid for the transfer. It was found that the transfer was not aimed at reducing income tax liability through inflated asset values, as the cost adopted was not more than the market value of the assets and there was no evidence of tax avoidance. en-us Sat, 07 Nov 1981 00:00:00 +0530 Thu, 23 Dec 2010 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58945 The Appellate Tribunal ITAT BOMBAY-D partially allowed the appeal in a case involving the transfer of assets between related companies. The Tribunal ruled in favor of the assessee, determining that the original cost of the assets for the transferee's income tax assessment should be based on the consideration paid for the transfer. It was found that the transfer was not aimed at reducing income tax liability through inflated asset values, as the cost adopted was not more than the market value of the assets and there was no evidence of tax avoidance. Case-Laws Income Tax Sat, 07 Nov 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58945