1979 (5) TMI 68 - AT - Income Tax

Summary

The departmental appeal was filed against the order of the AAC regarding the computation of capital gains for the assessment year 1973-74. The ITO invoked provisions of s. 52(2) of the IT Act, but the AAC held that there was no justification for it as the assessee did not receive any sum more than what was recorded in the deed of sale. The ITAT Madras upheld the AAC's order, citing relevant rulings of the Madras High Court. The appeal of the Revenue was dismissed. (Case citation: 1979 (5) TMI 68 - ITAT MADRAS-A)