https://www.taxtmi.com/caselaws?id=64634 Section 47(iii) applies only to transfers genuinely falling within a gift, will or irrevocable trust; mere increase in market value does not by itself exclude capital gains where the transaction was not actually treated as a gift under gift-tax principles. Section 52(2) is a deeming provision for understatement and cannot be used in a bona fide transfer where the declared price was the actual consideration received. The character of land surplus depends on intention at purchase and surrounding facts, including holding period, sales pattern and development activity; on those facts, investment treatment may prevail over business income. Dividend-linked relief under sections 80-L and 80-O is then computed on the applicable dividend amount. en-us Sat, 24 Dec 1977 00:00:00 +0530 Wed, 09 Feb 2011 11:04:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64634 Section 47(iii) applies only to transfers genuinely falling within a gift, will or irrevocable trust; mere increase in market value does not by itself exclude capital gains where the transaction was not actually treated as a gift under gift-tax principles. Section 52(2) is a deeming provision for understatement and cannot be used in a bona fide transfer where the declared price was the actual consideration received. The character of land surplus depends on intention at purchase and surrounding facts, including holding period, sales pattern and development activity; on those facts, investment treatment may prevail over business income. Dividend-linked relief under sections 80-L and 80-O is then computed on the applicable dividend amount. Case-Laws Income Tax Sat, 24 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64634