1976 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Andhra Pradesh dismissed the income-tax reference related to capital gains earned by the assessee through an exchange of property for shares. The Tribunal correctly valued the shares based on accounting principles, and the questions raised did not constitute legal issues. The appeal was deemed maintainable, and the court ruled in favor of the Tribunal's decision. (Case: 1976 (11) TMI 5 - Andhra Pradesh High Court)