Full value of consideration cannot be substituted by market value unless there is a proof for extra consideration

IN THE ITAT MUMBAI BENCH ‘G’ Nariman Point Building Services & Trading (P.) Ltd. versus Commissioner of Income-tax, Chennai III IT Appeal No. 798 (Chny.) of 2011 [Assessment year 2006-07] July 25, 2012 ORDER Vijay Pal Rao, Judicial Member This appeal by the assessee is directed against the order dated 22/03/2011 of Commissioner of income tax passed under section 263 of the IT Act for the assessment year 2006-07. 2. The assessee has raised various grounds in this appeal; however, the only issue arises for our consideration and adjudication is whether in the fact...