https://www.taxtmi.com/caselaws?id=64116 The Tribunal dismissed the Department's appeal and allowed the assessee's appeal in a case concerning the determination of the market value of a property in New Delhi and the application of tax provisions. It held that section 52(1) should not apply as the transaction was genuine, directing the Assessing Officer to calculate capital gains based on the declared consideration. The decision emphasized that transactions driven by love and affection should not be penalized under tax laws, highlighting the necessity for the Department to prove tax avoidance intent. en-us Tue, 04 Apr 1978 00:00:00 +0530 Thu, 03 Feb 2011 18:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64116 The Tribunal dismissed the Department's appeal and allowed the assessee's appeal in a case concerning the determination of the market value of a property in New Delhi and the application of tax provisions. It held that section 52(1) should not apply as the transaction was genuine, directing the Assessing Officer to calculate capital gains based on the declared consideration. The decision emphasized that transactions driven by love and affection should not be penalized under tax laws, highlighting the necessity for the Department to prove tax avoidance intent. Case-Laws Income Tax Tue, 04 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64116