https://www.taxtmi.com/caselaws?id=20108 Section 52(2) of the Income-tax Act applies only when the Revenue proves that consideration for transfer of a capital asset was understated or concealed to avoid or reduce tax liability. The burden of establishing such understatement lies on the Revenue, and the statutory fiction cannot be invoked where the transaction is honest, bona fide, and the actual consideration received has been correctly disclosed. On the stated facts, there was no material to show understatement, so section 52(2) could not be applied against the assessee. en-us Tue, 20 Jul 1993 00:00:00 +0530 Wed, 11 Nov 2009 17:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20108 Section 52(2) of the Income-tax Act applies only when the Revenue proves that consideration for transfer of a capital asset was understated or concealed to avoid or reduce tax liability. The burden of establishing such understatement lies on the Revenue, and the statutory fiction cannot be invoked where the transaction is honest, bona fide, and the actual consideration received has been correctly disclosed. On the stated facts, there was no material to show understatement, so section 52(2) could not be applied against the assessee. Case-Laws Income Tax Tue, 20 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20108