https://www.taxtmi.com/caselaws?id=67754 The Tribunal upheld the AAC's order directing the ITO to compute profit under Section 41(2) based on the actual sale consideration, not the fair market value. It ruled that Section 52(2) did not apply to bona fide transactions, excluding capital gains calculated using fair market value. The assessees' cross-objections were allowed, and the Revenue's appeals were dismissed. en-us Fri, 31 Aug 1979 00:00:00 +0530 Mon, 14 Mar 2011 14:33:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67754 The Tribunal upheld the AAC's order directing the ITO to compute profit under Section 41(2) based on the actual sale consideration, not the fair market value. It ruled that Section 52(2) did not apply to bona fide transactions, excluding capital gains calculated using fair market value. The assessees' cross-objections were allowed, and the Revenue's appeals were dismissed. Case-Laws Income Tax Fri, 31 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67754