2000 (9) TMI 57 - 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 Tribunal's decision was upheld, and the capital gains were determined at Rs. 52,500 as originally assessed. The court referred to the decision in K. P. Varghese v. ITO [1981] 131 ITR 597 to support its conclusion.