1991 (12) TMI 113 - AT - Income Tax

Summary

The dispute in the case was about the computation of capital gain from the sale of immovable property. The valuation officer initially valued the property at Rs. 2,69,000, but later revised it to Rs. 4,61,500. The CIT(A) directed to adopt the first valuation report at Rs. 2,69,000. The Supreme Court decision in K.P. Varghese vs. ITO was cited to support that the market value and consideration declared in the transfer document must show the assessee received more than declared consideration for capital gains tax to apply. The Revenue's appeal was dismissed, and the assessee's appeal was allowed.