https://www.taxtmi.com/caselaws?id=28191 The Bombay High Court ruled in favor of the assessee in a case involving the assessment of capital gains from a property transaction under sections 52(1) and 52(2) of the Income Tax Act. The court found that the conditions for the applicability of section 52(1) were not met as there was no evidence of an intention to avoid or reduce tax liability. Additionally, section 52(2) did not apply as there was no proof that the consideration received exceeded the declared amount. The court upheld the decision of the lower authorities, concluding that neither section 52(1) nor section 52(2) were applicable in this case. en-us Mon, 10 Jan 1983 00:00:00 +0530 Fri, 19 Feb 2010 15:37:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28191 The Bombay High Court ruled in favor of the assessee in a case involving the assessment of capital gains from a property transaction under sections 52(1) and 52(2) of the Income Tax Act. The court found that the conditions for the applicability of section 52(1) were not met as there was no evidence of an intention to avoid or reduce tax liability. Additionally, section 52(2) did not apply as there was no proof that the consideration received exceeded the declared amount. The court upheld the decision of the lower authorities, concluding that neither section 52(1) nor section 52(2) were applicable in this case. Case-Laws Income Tax Mon, 10 Jan 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28191