https://www.taxtmi.com/caselaws?id=18471 The High Court of GAUHATI ruled in favor of the assessee in a case involving the interpretation of section 52(2) of the Income-tax Act, 1961. The court held that the Revenue failed to prove the understatement of consideration by the assessee in the sale of the property. Emphasizing the burden on the Revenue to establish understatement, the court found that there was a lack of evidence supporting the Tribunal's conclusion. The judgment highlighted the distinction between inadequacy of price and understatement of value, ultimately deciding in favor of the assessee and directing further action by the Appellate Tribunal. en-us Tue, 18 Jan 1994 00:00:00 +0530 Thu, 01 Oct 2009 11:58:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18471 The High Court of GAUHATI ruled in favor of the assessee in a case involving the interpretation of section 52(2) of the Income-tax Act, 1961. The court held that the Revenue failed to prove the understatement of consideration by the assessee in the sale of the property. Emphasizing the burden on the Revenue to establish understatement, the court found that there was a lack of evidence supporting the Tribunal's conclusion. The judgment highlighted the distinction between inadequacy of price and understatement of value, ultimately deciding in favor of the assessee and directing further action by the Appellate Tribunal. Case-Laws Income Tax Tue, 18 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18471