https://www.taxtmi.com/caselaws?id=9269 The first proviso to section 12B(2) of the Indian Income-tax Act, 1922 applies only where consideration is understated and the transfer is made to avoid or reduce capital gains liability. It cannot be used to substitute fair market value for the stated consideration merely because the price is low. As the record did not show concealment of higher consideration or a dominant tax-avoidance purpose, capital gains had to be computed on the actual consideration received, and the issue was decided for the assessees. en-us Wed, 25 Jul 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9269 The first proviso to section 12B(2) of the Indian Income-tax Act, 1922 applies only where consideration is understated and the transfer is made to avoid or reduce capital gains liability. It cannot be used to substitute fair market value for the stated consideration merely because the price is low. As the record did not show concealment of higher consideration or a dominant tax-avoidance purpose, capital gains had to be computed on the actual consideration received, and the issue was decided for the assessees. Case-Laws Income Tax Wed, 25 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9269