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        <h1>ITAT Jaipur rules for assessee in property acquisition appeals under IT Act</h1> <h3>RATAN LAL JAIN. Versus INSPECTING ASSISTANT COMMISSIONER OF INCOME TAX.</h3> RATAN LAL JAIN. Versus INSPECTING ASSISTANT COMMISSIONER OF INCOME TAX. - TTJ 029, 429, Issues:- Justification of property acquisition under section 269F of the IT Act based on Inspector's report- Burden of proof on Revenue to establish fair market value exceeding sale deed value- Competency of sub-registrar in questioning property value- Applicability of Circular No. 455 dated 16th May, 1986- Expertise of Inspector in property valuation- Acceptance of sale deed value as market value in absence of contrary evidenceAnalysis:The judgment by the Appellate Tribunal ITAT Jaipur involved two appeals by the assessee challenging the Competent Authority's order under section 269F of the IT Act regarding the acquisition of a property. The central issue revolved around whether the competent authority was justified in acquiring the property based on an Inspector's report. The assessee contended that the Inspector was not an expert valuer, and acquisition solely on his report was deemed illegal and void. The burden was placed on the Revenue to prove that the fair market value exceeded the value indicated in the sale deed. The assessee also argued that the sub-registrar, who registered the sale deed, could question the property value if deemed necessary. The Tribunal considered Circular No. 455 dated 16th May, 1986, which stated that acquisition proceedings should not be initiated for properties valued at five lakhs or less.The Tribunal analyzed the facts, noting that the entire plot was purchased for Rs. 70,000, while the Inspector valued it at Rs. 1,13,560. The Tribunal highlighted that both the purchaser and seller affirmed the sale deed value as the actual consideration, with no evidence of underhand dealings. Referring to legal precedents, the Tribunal emphasized the conditions for initiating acquisition proceedings, including fair market value exceeding apparent consideration by 15%, ulterior motives for tax evasion, and publication of notice in the Official Gazette. The Tribunal found that the acquisition was solely based on the Inspector's report, lacking expert opinion in property valuation. Considering the absence of contrary evidence and the Circular's guidelines, the Tribunal concluded that the sale deed value should be accepted as the market value. As a result, the Tribunal canceled the Competent Authority's acquisition order, allowing the appeals of the assessee.In conclusion, the Tribunal's detailed analysis focused on the validity of property acquisition under section 269F, emphasizing the importance of expert valuation, burden of proof on the Revenue, and adherence to Circular guidelines. The judgment highlighted the significance of sale deed value in determining market value and the necessity of concrete evidence to support acquisition decisions. Ultimately, the Tribunal ruled in favor of the assessee, emphasizing the lack of justification for the acquisition order based solely on the Inspector's report.

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