2011 (7) TMI 766

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....he Respondent. JUDGMENT C.N. Ramachandran Nair, J. - These connected appeals arise from the assessment of capital gains made pursuant to search under Section 153A of the Income-tax Act. Respondents are husband and wife and the properties sold was in the name of the wife, which according to her, was purchased with funds borrowed from her husband. In search, the Department collected informa....

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....ppeals. 3. We have heard the Senior Counsel appearing for the Revenue and counsel appearing for the assessees. After hearing both sides, we feel that the orders of the two appellate authorities are not sustainable for more than one reason. In the first place, the first appellate authority and the Tribunal have not considered the significance of the documents seized particularly, information col....

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....he notorious practice of underestimation of value in documents to reduce the high incidence of stamp duty. The property in this case is also valuable land located in prime area of the city and we see no reason why adjoining three items of property should be sold at substantive different price. 4. The senior counsel appealing for the Revenue rightly contended that the first appellate authority w....