https://www.taxtmi.com/caselaws?id=27079 Section 52(2) of the Income-tax Act, 1961 applies only where there is understatement of the actual consideration received on transfer; it cannot be invoked merely because the property's market value is higher than the stated sale price. On that reasoning, the capital-gains computation based on market value was rejected on the facts noted, and the assessee succeeded on the principal issue. The separate question whether exemption under section 47(iii) was available where gift-tax had also been levied was indicated to be negative in the circumstances discussed, but it did not affect the overall result. en-us Wed, 10 Oct 1979 00:00:00 +0530 Wed, 10 Feb 2010 15:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27079 Section 52(2) of the Income-tax Act, 1961 applies only where there is understatement of the actual consideration received on transfer; it cannot be invoked merely because the property's market value is higher than the stated sale price. On that reasoning, the capital-gains computation based on market value was rejected on the facts noted, and the assessee succeeded on the principal issue. The separate question whether exemption under section 47(iii) was available where gift-tax had also been levied was indicated to be negative in the circumstances discussed, but it did not affect the overall result. Case-Laws Income Tax Wed, 10 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27079