https://www.taxtmi.com/caselaws?id=27110 The High Court upheld the Tribunal's decision, ruling in favor of the assessees and against the Revenue. It was determined that Section 52(2) of the Income-tax Act, 1961, was not applicable in this case, and the capital gains were to be computed based on the consideration declared by the assessees. Additionally, the court confirmed the taxability of capital gains from cross-gifts under Section 64(ii) of the Act. Each party was responsible for their own costs. en-us Wed, 17 Apr 1985 00:00:00 +0530 Wed, 10 Feb 2010 17:39:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27110 The High Court upheld the Tribunal's decision, ruling in favor of the assessees and against the Revenue. It was determined that Section 52(2) of the Income-tax Act, 1961, was not applicable in this case, and the capital gains were to be computed based on the consideration declared by the assessees. Additionally, the court confirmed the taxability of capital gains from cross-gifts under Section 64(ii) of the Act. Each party was responsible for their own costs. Case-Laws Income Tax Wed, 17 Apr 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27110