Supreme Court · 1981 INSC 160 · Decided 4 September 1981
K.P. Varghese v. The Income-Tax Officer, Ernakulam, and Another
- Court
- Supreme Court of India
- Citation
- 1981 INSC 160 · [1982] 1 S.C.R. 629
- Case number
- CIVIL APPEAL No. 412/1973
- Decided
- 4 September 1981
- Bench
- P.N. BHAGWATI, E.S. VENKATARAMIAH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 52
Headnote
Capital gains-Whether understatement of consideration in a transfer of pro· perty Is a necessary condition for attracting the applicability of sub-.section (2) of section 52 of the Income Tax Act, 1961-Burden of proof of such understatement is on the Revenue-Interpretation of statutes, on 25th of December, 1965 to his daughter-in-law and five of his children for the same price of Rs. 16,500 at which he purchased in the year 1958. The assessment of the assessee for the assessment year 1966-67 for which the relevant accounting year was the calendar year 1965 was thereafter
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