1983 (1) TMI 38 - HC - Income Tax

Summary

The High Court of Bombay ruled in a case referred under the Income Tax Act, 1961. The court addressed three questions regarding the correctness of the Tribunal's decision on capital gains from property sales. The court found that the Revenue failed to establish actual understatement of consideration, leading to a ruling in favor of the assessee on both questions 2 and 3. The court cited the Supreme Court decision in K. P. Varghese v. ITO [1981] 131 ITR 597.