TaxTMI 
TaxTMI 
2010 (12) TMI 846
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....e Income-tax Appellate Tribunal was right in holding that notwithstanding the report of the District Valuation Officer, the Revenue had to prove that the assessee had in fact received extra consideration over and above the declared value of the sale ?" 2. The facts leading to the framing of the aforesaid questions, in brief, are as follows : 3. The respondent-assessee, who is an individual, had filed his return of income for the assessment year 1997-98 declaring income of Rs. 8,13,910. The Assessing Officer, during the assessment proceedings took a note of the fact that during the previous year the assessee had purchased three properties, particulars of which are as under : 1. A-54, New Friends Colony, New Delhi &nbs....
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....rt of this conclusion relied upon the judgment of the apex court in the case of K. P. Varghese v. ITO [1981] 131 ITR 597 (SC). He was also of the view that the condition precedent for invoking the provisions of section 69B of the Act was not fulfilled. 5. The aforesaid decision of the Commissioner of Income-tax (Appeals) is upheld by the Tribunal reiterating the position of law in the following manner : "Aggrieved by the order of the Commissioner of Income-tax (Appeals), the Revenue is in appeal before us. We have considered the rival submissions. The learned Departmental representative relied on the order of the Assessing Officer and the learned counsel for the assessee placed reliance on the order of the Commissioner of In....
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....he view that it would not be necessary to decide this question in view of the answer that we propose to give to question No. 2. 8. As far as question No. 2 is concerned, as already indicated above, the Assessing Officer solely relied upon the report of the District Valuation Officer. Apart from this, there was admittedly no evidence or material in his possession to come to the conclusion that the assessee had paid extra consideration over and above what was stated in the sale deed. This very issue has come up for consideration before this court repeatedly and after following the judgment of the Supreme Court in the case of K. P. Varghese [1981] 131 ITR 597 (SC), the aforesaid proposition of law is reiterated time and again. For our ....