https://www.taxtmi.com/caselaws?id=57699 In computing capital gains on sale of immovable property, the sale consideration recorded in the deed could not be replaced with market value unless understatement was proved by evidence. The Tribunal found no material showing that the assessee received any amount over and above the stated consideration, and held that section 52 does not authorise substitution of market value merely because the declared price appears inadequate. Following the Karnataka High Court ruling on section 52, it required adoption of the actual sale consideration and rejected the higher market value. en-us Wed, 29 Jul 1981 00:00:00 +0530 Mon, 13 Dec 2010 10:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57699 In computing capital gains on sale of immovable property, the sale consideration recorded in the deed could not be replaced with market value unless understatement was proved by evidence. The Tribunal found no material showing that the assessee received any amount over and above the stated consideration, and held that section 52 does not authorise substitution of market value merely because the declared price appears inadequate. Following the Karnataka High Court ruling on section 52, it required adoption of the actual sale consideration and rejected the higher market value. Case-Laws Income Tax Wed, 29 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57699