https://www.taxtmi.com/caselaws?id=21459 The High Court ruled in favor of the assessee, stating that the assessment under section 52(2) of the Income-tax Act was incorrect. The Court emphasized the necessity of proving understated consideration for the application of section 52(2) in property transfers. The judgment clarified the legal requirements for invoking this section, aligning tax assessments with statutory provisions and judicial precedents for fair and accurate computation of capital gains tax in property transactions. en-us Thu, 13 Feb 1992 00:00:00 +0530 Tue, 24 Nov 2009 15:45:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21459 The High Court ruled in favor of the assessee, stating that the assessment under section 52(2) of the Income-tax Act was incorrect. The Court emphasized the necessity of proving understated consideration for the application of section 52(2) in property transfers. The judgment clarified the legal requirements for invoking this section, aligning tax assessments with statutory provisions and judicial precedents for fair and accurate computation of capital gains tax in property transactions. Case-Laws Income Tax Thu, 13 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21459