https://www.taxtmi.com/caselaws?id=39703 The High Court held that Section 52(2) of the Income-tax Act, 1961 does not apply to bona fide transactions without understatement of consideration. The Court affirmed that the provision aims to counter tax evasion through understatement and does not apply where consideration is correctly declared. Additionally, the Court interpreted "gift" under Section 47(iii) to exclude transfers without valuable consideration from capital gains tax, ruling in favor of the assessee. Consequently, the Court found no capital gains on the property sale for the assessment year 1964-65, entitling the assessee to costs. en-us Thu, 02 Jan 1975 00:00:00 +0530 Mon, 19 Apr 2010 17:28:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39703 The High Court held that Section 52(2) of the Income-tax Act, 1961 does not apply to bona fide transactions without understatement of consideration. The Court affirmed that the provision aims to counter tax evasion through understatement and does not apply where consideration is correctly declared. Additionally, the Court interpreted "gift" under Section 47(iii) to exclude transfers without valuable consideration from capital gains tax, ruling in favor of the assessee. Consequently, the Court found no capital gains on the property sale for the assessment year 1964-65, entitling the assessee to costs. Case-Laws Income Tax Thu, 02 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39703