Admitted higher sale consideration satisfies section 269C(2) requirements for Chapter XX-A property acquisition.

Where the transferor and transferee admit that the real consideration for a property transfer was higher than the consideration stated in the sale deed, the statutory requirements of section 269C(2) of the Income-tax Act, 1961 are treated as satisfied for Chapter XX-A acquisition proceedings. On that admitted factual basis, and in the absence of contrary material, the acquisition was upheld.

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Issues: Whether, on the admitted actual consideration being higher than the consideration stated in the sale deed, the requirements of section 269C(2) of the Income-tax Act, 1961 were satisfied so as to sustain acquisition of the property under Chapter XX-A.

Analysis: The appellant and the transferor admitted that the real consideration paid was Rs. 90,000, whereas the registered deed recited only Rs. 49,000. In the presence of this admission, and in the absence of any other material warranting a different view, the statutory conditions for invoking the acquisition provisions were treated as fulfilled. The earlier dismissal by the Tribunal and the High Court was based on the same admitted factual foundation.

Conclusion: The acquisition was upheld and the appeal failed.

Ratio Decidendi: Where the parties admit that the real consideration for a transfer was substantially higher than the consideration disclosed in the sale deed, the requirements of section 269C(2) of the Income-tax Act, 1961 are satisfied for Chapter XX-A acquisition proceedings.

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