https://www.taxtmi.com/caselaws?id=67395 For capital gains on transfer of immovable property, a valuation report alone cannot justify taxing a higher consideration where there is no evidence that the assessee actually received more than the sale deed disclosed. A reference under section 55A produced differing valuation reports, but the decisive point was that market value and disclosed sale consideration are not interchangeable for taxing undisclosed receipts. In the absence of proof of extra consideration, the higher valuation could not be adopted to enhance the capital gains computation, and the matter was decided in favour of the assessee. en-us Thu, 19 Dec 1991 00:00:00 +0530 Thu, 10 Mar 2011 13:51:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67395 For capital gains on transfer of immovable property, a valuation report alone cannot justify taxing a higher consideration where there is no evidence that the assessee actually received more than the sale deed disclosed. A reference under section 55A produced differing valuation reports, but the decisive point was that market value and disclosed sale consideration are not interchangeable for taxing undisclosed receipts. In the absence of proof of extra consideration, the higher valuation could not be adopted to enhance the capital gains computation, and the matter was decided in favour of the assessee. Case-Laws Income Tax Thu, 19 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67395