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).
(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)