https://www.taxtmi.com/caselaws?id=39470 The court ruled in favor of the department, determining that section 52(2) of the Income-tax Act applied in a case involving the sale of non-residential buildings below fair market value. This decision led to the inclusion of the difference between the fair market value and the declared consideration as capital gains for tax assessment under section 48. The court directed the computation of income tax based on the revised fair market value, with costs to be borne by the respective parties. en-us Fri, 27 Sep 1974 00:00:00 +0530 Fri, 16 Apr 2010 16:12:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39470 The court ruled in favor of the department, determining that section 52(2) of the Income-tax Act applied in a case involving the sale of non-residential buildings below fair market value. This decision led to the inclusion of the difference between the fair market value and the declared consideration as capital gains for tax assessment under section 48. The court directed the computation of income tax based on the revised fair market value, with costs to be borne by the respective parties. Case-Laws Income Tax Fri, 27 Sep 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39470