Delhi High Court: Section 52(2) not applicable. Fair market value accepted per assessee's declaration.

The High Court of Delhi ruled in favor of the assessee, holding that section 52(2) of the Income-tax Act, 1961 did not apply. The fair market value of the property at Rs. 11 lakhs, as declared by the assessee or shown in the sale deed, was accepted. The decision aligned with the precedent established in K.P. Varghese v. ITO [1981] 131 ITR 597.

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The High Court of Delhi ruled in favor of the assessee, stating that section 52(2) of the Income-tax Act, 1961 was not applicable to the case. The fair market value of the property was accepted as Rs. 11 lakhs, as declared by the assessee or shown in the sale deed. The decision was based on the precedent set by the apex court in K.P. Varghese v. ITO [1981] 131 ITR 597.

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