https://www.taxtmi.com/caselaws?id=20749 Sections 52(1) and 52(2) of the Income-tax Act, 1961 apply only where understatement of consideration is shown to be linked to an object of avoiding or reducing capital gains tax; mere disparity between declared sale price and fair market value is insufficient. On the construction adopted from K. P. Varghese, proof of the requisite avoidance element is necessary before the anti-avoidance provisions can operate. A higher fair market value by itself does not trigger the sections, and understatement must be established in the statutory sense. en-us Fri, 29 Jan 1993 00:00:00 +0530 Tue, 17 Nov 2009 10:36:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20749 Sections 52(1) and 52(2) of the Income-tax Act, 1961 apply only where understatement of consideration is shown to be linked to an object of avoiding or reducing capital gains tax; mere disparity between declared sale price and fair market value is insufficient. On the construction adopted from K. P. Varghese, proof of the requisite avoidance element is necessary before the anti-avoidance provisions can operate. A higher fair market value by itself does not trigger the sections, and understatement must be established in the statutory sense. Case-Laws Income Tax Fri, 29 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20749