High Court Of Delhi
CIT vs. Smt. Sushila Devi
Section 52(2)
Asst. Year 1971-72
Arijit Pasayat, C.J. & D.K. Jain, J.
IT Ref. No. 138 of 1979
16th July, 2001
Counsel Appeared
R.C. Pandey with Mrs. Prem Lata Bansal, for the Petitioner : Ms. Sonu Bhatnagar, for the Respondent
JUDGMENT
ARIJIT PASAYAT, C.J.:
Heard. At the instance of Revenue, the following question has been referred for opinion of this Court by the Income-tax Appellate Tribunal, Delhi Bench ‘C’, (in short ‘the Tribunal’), under s. 256(1) of the IT Act, 1961 (in short ‘the Act’) : “Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that s. 52(2) of the IT Act, 1961, was inapplicable to the sales of two properties for the purpose of computing capital gains on the basis of the market value of the properties as on the date of transfer?”
2. The dispute relates to asst. yr. 1971-72. We need not go into the factual aspects in detail in view of the following finding recorded by the Tribunal : “It is not the case of the Revenue, that the assessee had received an amount of consideration over and above what was stated in the registered sale deeds. There is also no dispute that the sale transactions were effected to absolute strangers.” In view of this finding, the ratio of the apex Court’s decision in K.P. Varghese vs. ITO (1981) 24 CTR (SC) 358 : (1981) 131 ITR 597 (SC) : TC 22R.105 has full application. Accordingly, the question is answered in the affirmative, in favour of the assessee and against the Revenue. The reference stands disposed of.
[Citation : 256 ITR 179]
