https://www.taxtmi.com/caselaws?id=20008 The High Court of Gujarat ruled in a case involving the interpretation of sections 256(1) and 52(2) of the Income-tax Act, 1961. The Court held that section 52(2) could only be applied if there was evidence of understatement of consideration by the assessee, which was not present in this case. Therefore, the Court upheld the Tribunal's decision to set aside the Commissioner's order, concluding that section 52(2) was not applicable. As a result, the Court ruled in favor of the assessee, disposing of the reference without any order as to costs. en-us Fri, 17 Sep 1993 00:00:00 +0530 Wed, 11 Nov 2009 11:18:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20008 The High Court of Gujarat ruled in a case involving the interpretation of sections 256(1) and 52(2) of the Income-tax Act, 1961. The Court held that section 52(2) could only be applied if there was evidence of understatement of consideration by the assessee, which was not present in this case. Therefore, the Court upheld the Tribunal's decision to set aside the Commissioner's order, concluding that section 52(2) was not applicable. As a result, the Court ruled in favor of the assessee, disposing of the reference without any order as to costs. Case-Laws Income Tax Fri, 17 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20008