https://www.taxtmi.com/caselaws?id=60159 Section 52(2) of the Income-tax Act was held inapplicable because the material did not show that any consideration beyond the stated sale price had passed between the parties. The Tribunal noted that the Income-tax Officer's estimate of fair market value, standing alone, was insufficient to support an addition to capital gains. On the facts, the property having been sold for the declared amount, the attempted substitution of a higher market valuation could not justify the tax addition, and the Revenue's challenge failed. en-us Tue, 19 Aug 1980 00:00:00 +0530 Tue, 04 Jan 2011 10:47:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60159 Section 52(2) of the Income-tax Act was held inapplicable because the material did not show that any consideration beyond the stated sale price had passed between the parties. The Tribunal noted that the Income-tax Officer's estimate of fair market value, standing alone, was insufficient to support an addition to capital gains. On the facts, the property having been sold for the declared amount, the attempted substitution of a higher market valuation could not justify the tax addition, and the Revenue's challenge failed. Case-Laws Income Tax Tue, 19 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60159