2004 (8) TMI 63 - HC - Income Tax

Capital gains - Whether, Tribunal was right in holding that the provisions of section 52(2), are automatically attracted to a case where the difference in the market price and the apparent consideration was more than 15 per cent.? - We direct the Tribunal to draw up a statement of the case and refer the aforementioned question of law for consideration by this court. The petition is, accordingly, allowed.

Summary

High Court Punjab and Haryana ruled on a case related to Income-tax Act, 1961. The court directed the Tribunal to refer a question of law regarding section 52(2) to the court for consideration. Petition was allowed. (2004 (8) TMI 63 - PUNJAB AND HARYANA High Court)