https://www.taxtmi.com/caselaws?id=27078 Section 52(2) of the Income-tax Act could not be used to compute capital gains unless the Revenue proved that the stated sale consideration was not the real consideration; mere difference from market value was insufficient, so the provision was inapplicable. Section 47(iii) was confined to actual gifts and did not extend to a transfer treated as a deemed gift for gift-tax purposes; levy of gift-tax on the transaction did not by itself attract capital gains exemption. On those facts, capital gains could not be computed under section 52(2), but exemption under section 47(iii) was unavailable. en-us Wed, 05 Oct 1983 00:00:00 +0530 Wed, 10 Feb 2010 15:53:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27078 Section 52(2) of the Income-tax Act could not be used to compute capital gains unless the Revenue proved that the stated sale consideration was not the real consideration; mere difference from market value was insufficient, so the provision was inapplicable. Section 47(iii) was confined to actual gifts and did not extend to a transfer treated as a deemed gift for gift-tax purposes; levy of gift-tax on the transaction did not by itself attract capital gains exemption. On those facts, capital gains could not be computed under section 52(2), but exemption under section 47(iii) was unavailable. Case-Laws Income Tax Wed, 05 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27078