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2009 (3) TMI 520 - RAJASTHAN HIGH COURTBusiness Income- Whether the Tribunal was right in coming to the conclusion that the value of the assets taken over on amalgamation should be taken at book value as was existing in the hands of the amalgamated company for working out the cost of the shares for purposes of determining the gains or loss thereon ? Held that- the Income Tax Officer thus rightly held that there was incurred loss of Rs. Only 8,850. The Income tax Officer was therefore also right in allowing loss of Rs. 876 for sale of the shares of the second company, as against profit of Rs. 7974 out of sale of the shares held by the first company. Instead of allowing total loss as claimed, the Income Tax Officer correctly disallowed loss.
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