1985 (9) TMI 64

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..... on behalf of himself and his co-assessee. The question here concerned reads thus : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the provisions of section 52(2) of the Income-tax Act, 1961, could not be invoked to adopt the estimated fair market value of the land transferred by the assessee to Hindustan Earth Movers Ltd., in whi .....

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..... ner confirmed the Income-tax Officer's action. The Tribunal held that the authorities were not justified in replacing the actual value by the fair market value. The Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, held that section 52(2) of the Income-tax Act, 1961, can be invoked only where the consideration for the transfer of a capital asset has been understated by the assessee. The .....

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