Re-computation of capital gains by lower value of consideration for sale of equity shares allowed

DCIT Vs Indiabulls Real Estate Ltd. (ITAT Mumbai) ITAT Mumbai held that re-computation of capital gains by considering the lower value of consideration for the sale of equity shares of the subsidiary company allowable as the genuineness of the same is proved. Facts- The assessee is a company engaged in the business of real estate projects, advisory, construction, and development of real estate projects. In its return of income, the assessee also offered the capital gains on the transfer of shares of its wholly-owned subsidiary, i.e. Shivalik Land Development Ltd, considering the full value of ...