1994 (11) TMI 21 - HC - Income Tax

Summary

The High Court of Madras ruled in favor of the assessee in a case involving the computation of capital gains from the sale of a property. The court held that the fair market value determined by the Assessing Officer was not justified, and the sale price of Rs. 1,35,000 should be adopted for calculating capital gains. The court referred to the interpretation of section 52(2) of the Income-tax Act and a Supreme Court decision to support its ruling. The judgment was delivered by Judges Thanikkachalam and R. Jayasimha Babu.