https://www.taxtmi.com/caselaws?id=188752 For capital gains computation, the full value of consideration under section 48 must reflect the actual consideration received on transfer, and a Valuation Officer's estimate cannot replace it unless the Revenue produces material showing understatement of sale proceeds. A reference under section 55A may assist in determining market value, but market value alone does not establish the consideration actually received. Where the transaction is bona fide and no independent evidence of suppression exists, the earlier deeming approach under section 52 cannot be invoked merely on the basis of valuation. On that reasoning, an addition founded only on fair market value was not sustainable. en-us Mon, 31 Mar 2003 00:00:00 +0530 Thu, 15 Dec 2016 11:58:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188752 For capital gains computation, the full value of consideration under section 48 must reflect the actual consideration received on transfer, and a Valuation Officer's estimate cannot replace it unless the Revenue produces material showing understatement of sale proceeds. A reference under section 55A may assist in determining market value, but market value alone does not establish the consideration actually received. Where the transaction is bona fide and no independent evidence of suppression exists, the earlier deeming approach under section 52 cannot be invoked merely on the basis of valuation. On that reasoning, an addition founded only on fair market value was not sustainable. Case-Laws Income Tax Mon, 31 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188752