1981 (7) TMI 87 - AT - Income Tax

Summary

The assessee sold property in Palace Road, Bangalore for Rs. 32,000. The ITO valued it at Rs. 54,000. The AAC upheld the ITO's decision. The Karnataka High Court decision in Sanjeev vs. Kudva was cited, stating that the market value should not override the actual sale consideration. The ITAT directed the ITO to adopt the sale consideration of Rs. 32,000 and compute capital gains accordingly. The appeal was allowed.