https://www.taxtmi.com/caselaws?id=27741 Section 52(1) of the Income-tax Act, 1961 applies only where the transfer document shows understatement of consideration and there is material to prove that the assessee actually received more than the stated price. A mere comparison with higher market rates or comparable transactions is insufficient to invoke the provision, as the machinery cannot be used without evidence of concealed consideration or tax-avoidance intent connected with the transfer. On that basis, the provision was held inapplicable to the transactions discussed, and the matter was decided in favour of the assessee and against the Revenue. en-us Tue, 26 Jun 1984 00:00:00 +0530 Mon, 15 Feb 2010 17:11:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27741 Section 52(1) of the Income-tax Act, 1961 applies only where the transfer document shows understatement of consideration and there is material to prove that the assessee actually received more than the stated price. A mere comparison with higher market rates or comparable transactions is insufficient to invoke the provision, as the machinery cannot be used without evidence of concealed consideration or tax-avoidance intent connected with the transfer. On that basis, the provision was held inapplicable to the transactions discussed, and the matter was decided in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 26 Jun 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27741