https://www.taxtmi.com/caselaws?id=23510 A sale and a repurchase condition contained in separate instruments cannot be treated as a mortgage by conditional sale under the proviso to section 58(c) of the Transfer of Property Act, so surrounding circumstances and alleged intention are excluded; the assessee was therefore treated only as holding the relevant interest. Sections 52(1) and 52(2) of the Income-tax Act applied only on proof of the statutory requirements of understatement, tax-avoidance motive, and receipt of more than declared consideration; in the absence of such material, the declared sale price could not be replaced by the fair market value. The balance stamp duty and registration charges were also allowable in computing capital gains. en-us Fri, 22 Dec 1989 00:00:00 +0530 Mon, 22 Dec 2025 16:59:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23510 A sale and a repurchase condition contained in separate instruments cannot be treated as a mortgage by conditional sale under the proviso to section 58(c) of the Transfer of Property Act, so surrounding circumstances and alleged intention are excluded; the assessee was therefore treated only as holding the relevant interest. Sections 52(1) and 52(2) of the Income-tax Act applied only on proof of the statutory requirements of understatement, tax-avoidance motive, and receipt of more than declared consideration; in the absence of such material, the declared sale price could not be replaced by the fair market value. The balance stamp duty and registration charges were also allowable in computing capital gains. Case-Laws Income Tax Fri, 22 Dec 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23510