https://www.taxtmi.com/caselaws?id=6372 Reassessment under section 34(1)(a) was upheld because the assessee had not fully and truly disclosed primary facts material to the computation of capital gains, including the sale deed and other transfer particulars. The 28 February 1947 arrangement was treated as a sale of shares and securities for fixed consideration, so section 12B applied and the transfer gave rise to capital gains. Where the statutory proviso for substituting market value was not attracted, the full value of consideration was the agreed sale price, not market value. The taxable gain was therefore computed on the contractual price of Rs. 75 lakhs. en-us Wed, 27 Sep 1972 00:00:00 +0530 Tue, 13 Jan 2026 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6372 Reassessment under section 34(1)(a) was upheld because the assessee had not fully and truly disclosed primary facts material to the computation of capital gains, including the sale deed and other transfer particulars. The 28 February 1947 arrangement was treated as a sale of shares and securities for fixed consideration, so section 12B applied and the transfer gave rise to capital gains. Where the statutory proviso for substituting market value was not attracted, the full value of consideration was the agreed sale price, not market value. The taxable gain was therefore computed on the contractual price of Rs. 75 lakhs. Case-Laws Income Tax Wed, 27 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6372