1979 (5) TMI 68

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..... ation of capital gains for the asst. yr. 1973-74. 2. We heard the parties. The assessee, an individual, had 1/7th share in the property bearing Nos. 2 3, Arcot Road, Madras-26. On the sale of this property on 15th July, 1972, the assessee received a sum of Rs. 1,64,800. The ITO observed that the fair market value of this property on the date of the transfer exceeded the full value of the consi .....

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..... visions of s. 52(2). He directed the ITO to adopt the sale consideration at Rs. 1,64,800 and compute the amount of capital gains. Against this order, the Revenue has filed the present appeal. 3. We find that it is common ground that the assessee did not receive any sum more than what was recorded in the deed of sale of the property under consideration. The ruling of the Madras High Court referre .....

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