770/CBDT.

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....6-1-71 on the ground that the assessee owned no property which could be used for recovery of tax. The demand in question was raised on three different dates viz. Rs. 46,835 on 30.3.1959, Rs.300 on 30.6.59 and Rs.6,500 on 28.3.62. The assessee sold his house property for Rs.43,000 on 23.4.59, i.e., within one month from the receipt of the first notice. On 3.7.59, viz, a few days after the receipt o....

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....." 2. Transaction of immovable properties of the value of Rs.50,000 or above normally come to the notice of the ITO in view of the provisions of section 230A of the IT Act, which require the production of a clearance certificate from the ITO before a document of transfer is registered under the Indian Registration Act, 1908. However, cases of transfer of properties of the value of Rs.50,000 or le....