1980 (8) TMI 111

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..... a property at 3B, Nalin Sarkar Street, Calcutta. The property was sold for a sum of Rs. 1,40,000. Pursuant to an earlier order of the AAC setting aside the assessment the ITO made a fresh assessment on 29th March, 1979. He estimated the market value of the said property at Rs. 2 lakhs and by applying s. 52(2) determined the capital gains at Rs. 38,415. In appeal the AAC held that s. 52(2) was not .....

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..... 2(2) the Department has to establish that something more than the stated consideration passed hands and evidence to this effect was lacking. 4. We have heard the rival submissions. The Tribunal has been following the decisions of the Karnataka and Madras High Courts in preference to the decision of the Kerala High Court. Accordingly, we hold that the AAC was right in deleting the addition of Rs .....

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