https://www.taxtmi.com/caselaws?id=61435 Share valuation for income-tax purposes must rest on reliable evidence and commercial reality, not conjecture or inflated asset values. Where a company had not commenced production, was heavily indebted, and showed no real appreciation in assets, an enhanced per-share valuation was not justified. The Revenue also failed to prove through bank correspondence or later statements that the assessee had paid more than the declared consideration, as the material was uncertain, contradictory, and insufficient. The addition was therefore not sustained and the declared purchase price was accepted. en-us Wed, 04 Apr 1990 00:00:00 +0530 Wed, 12 Jan 2011 16:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61435 Share valuation for income-tax purposes must rest on reliable evidence and commercial reality, not conjecture or inflated asset values. Where a company had not commenced production, was heavily indebted, and showed no real appreciation in assets, an enhanced per-share valuation was not justified. The Revenue also failed to prove through bank correspondence or later statements that the assessee had paid more than the declared consideration, as the material was uncertain, contradictory, and insufficient. The addition was therefore not sustained and the declared purchase price was accepted. Case-Laws Income Tax Wed, 04 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61435