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of <h1>Section 52(2) of Income Tax Act 1961: Validity Upheld to Combat Tax Evasion, Protects Public Interest with Safeguards.</h1> The circular addresses challenges to the constitutional validity of Section 52(2) of the Income Tax Act, 1961, which was introduced to prevent tax evasion on capital gains by understating the value of transferred assets. The provision aims to ensure that capital gains tax is based on the market value of assets, thus preventing revenue loss to the government. It includes safeguards against arbitrary application, requiring approval from senior tax officials. The circular argues that Section 52(2) is not unconstitutional, as it does not infringe on property rights under Article 19(1)(f) and is a reasonable restriction in the public interest, supported by legal precedents.
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