https://www.taxtmi.com/caselaws?id=59685 The ITAT ruled in favor of the assessee, determining that the difference between the market value and purchase price of shares could not be taxed under Section 28(iv) or Section 69 of the IT Act. The tribunal upheld the validity of the family arrangement (MoU) and dismissed the AO's assertion of it being a sham transaction. Appeals by the Revenue in ITA Nos. 3264/Mum/2006 and 2881/Mum/2007 were also dismissed, concluding that the share price difference could not be taxed as capital gains for the transferor companies. en-us Mon, 05 Feb 2007 00:00:00 +0530 Thu, 22 Feb 2024 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59685 The ITAT ruled in favor of the assessee, determining that the difference between the market value and purchase price of shares could not be taxed under Section 28(iv) or Section 69 of the IT Act. The tribunal upheld the validity of the family arrangement (MoU) and dismissed the AO's assertion of it being a sham transaction. Appeals by the Revenue in ITA Nos. 3264/Mum/2006 and 2881/Mum/2007 were also dismissed, concluding that the share price difference could not be taxed as capital gains for the transferor companies. Case-Laws Income Tax Mon, 05 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59685