https://www.taxtmi.com/caselaws?id=9947 The High Court ruled in favor of the assessee in a case concerning the interpretation of Section 52(2) of the Income-tax Act, 1961. The court emphasized that both conditions under Section 52(2) must be satisfied for invoking it, requiring not only a fair market value exceeding the declared consideration by 15% but also proof of understatement by the assessee. As the Revenue failed to establish understatement of consideration, the court held that Section 52(2) was wrongly applied. This decision underscores the significance of adhering to legal principles in determining the valuation of capital assets for tax purposes. en-us Wed, 19 Apr 2006 00:00:00 +0530 Fri, 03 Jul 2009 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9947 The High Court ruled in favor of the assessee in a case concerning the interpretation of Section 52(2) of the Income-tax Act, 1961. The court emphasized that both conditions under Section 52(2) must be satisfied for invoking it, requiring not only a fair market value exceeding the declared consideration by 15% but also proof of understatement by the assessee. As the Revenue failed to establish understatement of consideration, the court held that Section 52(2) was wrongly applied. This decision underscores the significance of adhering to legal principles in determining the valuation of capital assets for tax purposes. Case-Laws Income Tax Wed, 19 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9947