ITO Section 78 | Non-arm’s length transactions.

Text of ITO Section 78

Non-arm’s length transactions.

Where an asset is disposed of in a non-arm’s length transaction —

(a) the person disposing of the asset shall be treated as having received consideration equal to the fair market value of the asset determined at the time the asset is disposed; and
(b) the person acquiring the asset shall be treated as having a cost equal to the amount determined under clause (a).

Explanation of ITO Section 78

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حَسْبِيَ اللَّهُ لاَ إِلَهَ إِلاَّ هُوَ عَلَيْهِ تَوَكَّلْتُ وَهُوَ رَبُّ الْعَرْشِ الْعَظِيمِ

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