Delhi H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that s. 52(2) of the IT Act, 1961, was not applicable to the case of the assessee ?

High Court Of Delhi

CIT vs. Dr. Karni Singh

Sections 52(2)

Arijit Pasayat, C.J. & D.K. Jain, J.

IT Ref. No. 352 of 1979

16th July, 2001

Counsel Appeared

R.C. Pandey with Ms. Prem Lata Bansal, for the Applicant : None, for the Respondent

JUDGMENT

ARIJIT PASAYAT, C.J.:

Heard lrned counsel for the Revenue. We need not go into the factual aspects in detail to answer the following question which has been referred at the instance of the Revenue by the Appellate Tribunal, Delhi Bench ‘E’ (for short the Tribunal), under s. 256(1) of the IT Act, 1961 (for short ‘the Act’), for opinion of this Court: “Whether, on the facts and in the circumstances of the case, the Tribunal was legally correct in holding that s. 52(2) of the IT Act, 1961, was not applicable to the case of the assessee ?” Tribunal recorded a categorical finding that the fair market value of the property was Rs. 11 lakhs as declared by the assessee or as shown in the sale deed. The ratio of the decision of the apex Court in K.P. Varghese vs. ITO (1981) 34 CTR (SC) 358 : (1981) 131 ITR 597 (SC) : TC 22R.105 is fully applicable to the facts of the present case. Therefore, question referred is answered in the affirmative, in favour of the assessee and against the Revenue. The reference application stands disposed of.

[Citation : 256 ITR 165]

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