https://www.taxtmi.com/caselaws?id=19288 Section 52(2) of the Income-tax Act applies only where the Revenue proves understatement of the actual consideration received and concealment of the true amount; on the stated facts, it could not be used to substitute the disclosed price. The sales to the trust were treated as genuine because the trust was real, title had passed, and mere inadequacy of price did not make the transfers sham. Refixation of cost of acquisition was impermissible for 1973-74 because of the earlier appellate finding, but was sustained for 1974-75 and 1975-76 on the material available. Gift-tax reopening was upheld because there was a bona fide, reasonable basis to believe taxable gifts had escaped assessment. en-us Mon, 21 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 12:09:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19288 Section 52(2) of the Income-tax Act applies only where the Revenue proves understatement of the actual consideration received and concealment of the true amount; on the stated facts, it could not be used to substitute the disclosed price. The sales to the trust were treated as genuine because the trust was real, title had passed, and mere inadequacy of price did not make the transfers sham. Refixation of cost of acquisition was impermissible for 1973-74 because of the earlier appellate finding, but was sustained for 1974-75 and 1975-76 on the material available. Gift-tax reopening was upheld because there was a bona fide, reasonable basis to believe taxable gifts had escaped assessment. Case-Laws Income Tax Mon, 21 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19288