2001 (7) TMI 17 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee, stating that section 52(2) of the Income-tax Act, 1961 was not applicable to the case. The fair market value of the property was accepted as Rs. 11 lakhs, as declared by the assessee or shown in the sale deed. The decision was based on the precedent set by the apex court in K.P. Varghese v. ITO [1981] 131 ITR 597.