https://www.taxtmi.com/caselaws?id=36351 Capital gains under section 12B of the Indian Income-tax Act, 1922 were taxable only on the actual consideration received for the transfer. Where the assessee disclosed a sale price for buses and route permits, the revenue could not substitute a notional or estimated market value unless it proved understatement of consideration and an element of tax avoidance. On the facts noted, no material showed that any amount over and above the disclosed consideration had been received or that the transaction was designed to reduce capital gains tax. The disclosed consideration was therefore accepted and notional capital gains could not be assessed. en-us Tue, 26 Feb 1980 00:00:00 +0530 Sat, 20 Mar 2010 18:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36351 Capital gains under section 12B of the Indian Income-tax Act, 1922 were taxable only on the actual consideration received for the transfer. Where the assessee disclosed a sale price for buses and route permits, the revenue could not substitute a notional or estimated market value unless it proved understatement of consideration and an element of tax avoidance. On the facts noted, no material showed that any amount over and above the disclosed consideration had been received or that the transaction was designed to reduce capital gains tax. The disclosed consideration was therefore accepted and notional capital gains could not be assessed. Case-Laws Income Tax Tue, 26 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36351