1989 (2) TMI 164

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....ade over and above the sale consideration of Rs. 3 lakhs shown in the sale deed dated 3rd January 1973 for the purposes of computation of capital gains has been objected to, inter alia, on the ground that no such amount was paid to her by the buyer who only with a view to purchase peace with the department, by way of an affidavit submitted during the Voluntary Disclosure Scheme, disclosed the addi....

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....he rate of 12% per annum. 4. During the assessment proceedings Shri Bishanlal when summoned by the Income-tax Officer stated that he had in fact paid a sum of Rs. 3,50,000 and not Rs. 3 lakhs. 5. The Income-tax Officer made an addition. On appeal, the Appellate Asstt. Commissioner vide order dated 31-10-1979 directed the Income-tax Officer to afford an opportunity to the appellant to cross-e....

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....ced by Shri M.L. Kuppuswamy, learned departmental representative that factum of payment of Rs. 3,50,000 having been made by the purchaser as against the sale consideration of Rs. 3 lakhs as per the sale deed, the authorities below were justified in accepting the contention of Shri Bishanlal. Our reasons for disagreement are two-fold. Firstly, no enquiry has been made by the authorities below to fi....