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of <h1>Tax authority may substitute declared consideration with fair market value for connected-party transfers to curb capital gains avoidance</h1> Where a taxpayer transferred a capital asset to a person directly or indirectly connected with the taxpayer and the tax authority believed the transfer was made to avoid or reduce tax on capital gains, the consideration could be substituted with the asset's fair market value on the transfer date, subject to prior approval of the inspecting assistant commissioner. Independently, if the fair market value exceeded the declared consideration by at least 15%, the fair market value could be so substituted, except for transfers to the government or where consideration was determined or approved by the Central Government or Reserve Bank; the provision was later omitted effective 1-4-1988.
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