2001 (7) TMI 18 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee in a case related to the computation of capital gains on the sale of properties. The court found that section 52(2) of the Income-tax Act, 1961 was inapplicable as the sale transactions were made to absolute strangers and no additional consideration was received. The decision was based on the precedent set by the apex court's ruling in K.P. Varghese v. ITO [1981] 131 ITR 597.