1985 (7) TMI 52 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee regarding the capital gains from the sale of shares. The court held that the provisions of section 52(2) of the Income-tax Act, 1961 did not apply as the consideration received was not understated. The Tribunal's decision was overturned based on the Supreme Court's ruling in K.P. Varghese v. ITO [1981] 131 ITR 597. The questions raised by the assessee were answered in their favor, and no costs were awarded.