https://www.taxtmi.com/caselaws?id=7795 Section 52 of the Income-tax Act was discussed as a provision aimed at countering understatement of consideration in capital asset transfers, but not as authority to tax a notional gain merely because fair market value exceeded the stated sale price. The analysis states that capital gains under sections 45 and 48 must ordinarily be computed on actual consideration received or accruing, and that bona fide transfers for inadequate consideration cannot be assessed on a fictional market-value basis without clear statutory language. It also explains that the existence of an appellate remedy does not absolutely bar writ relief under Article 226 where the assessment suffers from jurisdictional error. en-us Fri, 03 Apr 1970 00:00:00 +0530 Thu, 19 Mar 2009 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7795 Section 52 of the Income-tax Act was discussed as a provision aimed at countering understatement of consideration in capital asset transfers, but not as authority to tax a notional gain merely because fair market value exceeded the stated sale price. The analysis states that capital gains under sections 45 and 48 must ordinarily be computed on actual consideration received or accruing, and that bona fide transfers for inadequate consideration cannot be assessed on a fictional market-value basis without clear statutory language. It also explains that the existence of an appellate remedy does not absolutely bar writ relief under Article 226 where the assessment suffers from jurisdictional error. Case-Laws Income Tax Fri, 03 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7795