1987 (1) TMI 176

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....Kumari, on23rd Nov., 1979. Assessment was framed under s. 58 (4) of the ED Act and in the present appeal, the accountable person is aggrieved on the following issues: (i) Valuation of Okhla plot at Rs. 1,00,000 (ii) Valuation of property W-2/7, West Patel Nagar, New Delhi, at Rs. 6,00,000; and (iii) Danial of claim under s. 33(1)(n) of the Act. 2. We have heard the ld. departmental representat....

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....is pertinent to mention that the death took place on 23rd April, 1979 and the confirmation about the allotment had not been finalised even upto 28th April, 1986. Giving the consideration to the facts of the case and the submissions made on behalf of the Revenue, we direct that amount deposited at Rs. 71,585 is to be held as an asset belonging to the firm in which the deceased was a partner and no ....

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.... than what has been paid for because (i) the auction sale was subject to confirmation, and (ii) it was confirmed on 7th Feb., 1980 by the Hon'ble High Court; (iii) the auction sale means open and fair competition and the sale cannot be said to be anything, but genuine and the consideration is to be held as the fair market value since fetched in an open market. 28 days being there between the date ....