https://www.taxtmi.com/caselaws?id=67872 The Appellate Tribunal ITAT Jaipur upheld the order of the CIT (Appeals) and dismissed the Revenue's appeal regarding the determination of fair market value for computing capital gain tax. The Tribunal emphasized the Revenue's failure to prove that the assessee received more than the declared consideration, as required by section 52(2) of the Income Tax Act. This case underscores the importance of establishing understatement of consideration to invoke fair market value in capital gain tax assessment. en-us Fri, 11 May 1984 00:00:00 +0530 Tue, 15 Mar 2011 11:18:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67872 The Appellate Tribunal ITAT Jaipur upheld the order of the CIT (Appeals) and dismissed the Revenue's appeal regarding the determination of fair market value for computing capital gain tax. The Tribunal emphasized the Revenue's failure to prove that the assessee received more than the declared consideration, as required by section 52(2) of the Income Tax Act. This case underscores the importance of establishing understatement of consideration to invoke fair market value in capital gain tax assessment. Case-Laws Income Tax Fri, 11 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67872