https://www.taxtmi.com/caselaws?id=188752 The Tribunal allowed the assessed's appeal, ruling that the assessing officer failed to prove understatement of sale consideration. Emphasizing the requirement to consider full sale consideration for capital gain computation under section 48 of the Income Tax Act, the Tribunal held that fair market value should not replace actual sale consideration. Citing precedents, the Tribunal concluded that taxing capital gains on hypothetical gains is unjustified, setting aside the additional assessment and highlighting the necessity of proving actual sale consideration for accurate assessment. 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 The Tribunal allowed the assessed's appeal, ruling that the assessing officer failed to prove understatement of sale consideration. Emphasizing the requirement to consider full sale consideration for capital gain computation under section 48 of the Income Tax Act, the Tribunal held that fair market value should not replace actual sale consideration. Citing precedents, the Tribunal concluded that taxing capital gains on hypothetical gains is unjustified, setting aside the additional assessment and highlighting the necessity of proving actual sale consideration for accurate assessment. Case-Laws Income Tax Mon, 31 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188752