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Report No. 12

54. Consideration for sale etc., how determined in cases of understatement.-

Where the Income-tax Officer is satisfied that the consideration recited in any deed of sale, exchange, relinquishment or transfer of a capital asset is low and that it was so recited with the object of avoidance or reduction of the liability of the assessee under section 45 [section re: chargeability], the full value of the consideration referred to in section 48 [section re: computation of capital gains] shall, with the prior approval of the Inspecting Assistant Commissioner , be taken to be the fair market value of the capital asset on the date on which the sale, exchange, relinquishment or transfer took place.

[Section 12B(2), 1st proviso]

Income-Tax Act, 1922 Back

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