1979 (5) TMI 94

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....75. 2. The assessee is an individual and while completing the assessment for the year 1974-75 the ITO added a sum of Rs. 16,160 under the head "other sources". The assessee purchased on 14th July, 1973 wet lands measuring 87 cents for Rs. 3,000 from one K. Varusai Mohammed. The sale deed, however, showed that the market value of the property was Rs. 10,440 and the ITO took the difference as une....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ar has not been disputed by the assessee. He also applied the Expln. to s. 271(1)(c) and levied a penalty of Rs. 16,160. 3. On appeal the AAC accepted the case of the assessee and held that the ITO had no evidence to show that the assessee had paid a higher consideration. He cancelled the penalty. 4. The Revenue has come on appeal. The departmental representative submitted that the assessee ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... higher figure. The full particulars have been given in the sale deed and the assessee has not concealed any of the particulars. The assessee's case is that though the Sub-Registrar took a higher value as the market value, the actual value, the actual consideration paid by him was low. This has been rejected without testing. The sellers have not been examined to show that the assessee has in fact ....