1985 (7) TMI 52

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....sessee sold 1,300 shares of Messrs Vardhman Spinning and General Mills Limited on February 8, 1971, at the rate of Rs. 26 per share. The face value of these shares being Rs. 25 per share, he disclosed a capital gain of Rs. 1,300 at the rate of Re. 1 per share during the accounting period ending on March 31, 1971. The Income-tax Officer, being of the view that the value of these shares was Rs. 51.5....

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....e held by the assessee in M/s. Vardhman Spinning and General Mills Ltd. as on the date of transfer was Rs. 51.54? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provisions of section 52(2) of the Income-tax Act, 1961, were applicable in the present case ? 3. Whether, on the facts and in the circumstances of the case, the Tribu....

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....ITO [1981] 131 ITR 597 and the plea of the assessee was upheld in the following terms (headnote): "Sub-section (2) of section 52 of the Income-tax Act, 1961, can be invoked only where the consideration for the transfer of a capital asset has been understated by the assessee, or, in other words, the full value of the consideration in respect of the transfer is shown at a lesser figure than that ....