https://www.taxtmi.com/caselaws?id=59000 The Tribunal ruled in favor of the assessee, holding that section 52(2) of the IT Act did not apply as there was no evidence of understatement of consideration in the property transactions. The Tribunal emphasized that the actual consideration was fully disclosed, and without proof of understatement, the provision could not be invoked. The decision aligned with established principles, rejecting the Department's argument based on the clear language of the section and subsequent sales by purchasers. The Tribunal directed the Income Tax Officer to recompute capital gains without applying section 52(2). en-us Wed, 11 Jun 1980 00:00:00 +0530 Thu, 23 Dec 2010 15:23:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59000 The Tribunal ruled in favor of the assessee, holding that section 52(2) of the IT Act did not apply as there was no evidence of understatement of consideration in the property transactions. The Tribunal emphasized that the actual consideration was fully disclosed, and without proof of understatement, the provision could not be invoked. The decision aligned with established principles, rejecting the Department's argument based on the clear language of the section and subsequent sales by purchasers. The Tribunal directed the Income Tax Officer to recompute capital gains without applying section 52(2). Case-Laws Income Tax Wed, 11 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59000