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2016 (2) TMI 430 - ITAT DELHILong term capital loss disallowed - Held that:- As the expression "full value of consideration" used in section 48 of the Income Tax Act, 1961 does not have any reference to market value, we are of the view that the Assessing Officer was having no power to replace the value of the consideration agreed between the parties with any fair market value or estimation. Only because the Pioneer Ltd. had shown the book value of shares at the rate of ₹ 40/- (50,000 shares) and ₹ 240/- (8,000 shares), the Assessing Officer was not justified to ignore the price agreed between the parties and to doubt the genuineness of the claimed loss, even ignoring the valuation report. - Decided against revenue
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