https://www.taxtmi.com/caselaws?id=38255 The first proviso to section 12B(2) applied only where the transferee was directly or indirectly connected with the assessee and the transfer was made with the object of avoiding or reducing liability under the section; both conditions had to coexist before fair market value could replace the stated consideration. On the facts, the transaction produced a capital loss rather than a capital gains liability, so there was no liability capable of being reduced and the Tribunal's finding to that effect was reasonable, not perverse. The reference was answered for the assessee on both questions. en-us Tue, 28 Feb 1978 00:00:00 +0530 Mon, 05 Apr 2010 11:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38255 The first proviso to section 12B(2) applied only where the transferee was directly or indirectly connected with the assessee and the transfer was made with the object of avoiding or reducing liability under the section; both conditions had to coexist before fair market value could replace the stated consideration. On the facts, the transaction produced a capital loss rather than a capital gains liability, so there was no liability capable of being reduced and the Tribunal's finding to that effect was reasonable, not perverse. The reference was answered for the assessee on both questions. Case-Laws Income Tax Tue, 28 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38255