https://www.taxtmi.com/caselaws?id=26830 The Court ruled in favor of the assessee, stating that section 52(2) of the Income-tax Act, 1961 was not applicable as there was no evidence of understatement by the assessee. Merely showing a difference in fair market value without proving actual understatement is insufficient to invoke section 52(2). The Tribunal's decision to dismiss the Departmental appeal and accept the assessee's declared sale consideration for computing capital gains was upheld. The importance of proving actual understatement for the application of section 52(2) and protecting bona fide transactions from tax implications was emphasized. en-us Tue, 18 Dec 1984 00:00:00 +0530 Mon, 08 Feb 2010 17:02:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26830 The Court ruled in favor of the assessee, stating that section 52(2) of the Income-tax Act, 1961 was not applicable as there was no evidence of understatement by the assessee. Merely showing a difference in fair market value without proving actual understatement is insufficient to invoke section 52(2). The Tribunal's decision to dismiss the Departmental appeal and accept the assessee's declared sale consideration for computing capital gains was upheld. The importance of proving actual understatement for the application of section 52(2) and protecting bona fide transactions from tax implications was emphasized. Case-Laws Income Tax Tue, 18 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26830