https://www.taxtmi.com/caselaws?id=28136 The High Court of Bombay ruled in a case concerning the applicability of section 52(2) of the Income-tax Act, 1961, and the determination of capital gains from the sale of a building. The Court upheld the Tribunal's decision that section 52(2) did not apply as there was no evidence of understated consideration, affirming the computation of capital gains based on the disclosed sale consideration of Rs. 35,00,000. The Court ruled in favor of the assessee, concluding that the fair market value and disclosed consideration should be used for computing capital gains. en-us Mon, 10 Jan 1983 00:00:00 +0530 Fri, 19 Feb 2010 12:13:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28136 The High Court of Bombay ruled in a case concerning the applicability of section 52(2) of the Income-tax Act, 1961, and the determination of capital gains from the sale of a building. The Court upheld the Tribunal's decision that section 52(2) did not apply as there was no evidence of understated consideration, affirming the computation of capital gains based on the disclosed sale consideration of Rs. 35,00,000. The Court ruled in favor of the assessee, concluding that the fair market value and disclosed consideration should be used for computing capital gains. Case-Laws Income Tax Mon, 10 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28136