2015 (3) TMI 107

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.... ORDER MR. JUSTICE S. RAVINDRA BHAT (OPEN COURT) 1. The Revenue is aggrieved by an order of the Income Tax Appellate Tribunal (ITAT) dated 08.08.2013 in ITA No. 1911/Del/2012 and 2340/Del/2012 and other connected appeals. The question of law urged is: "Whether the ITAT fell into error in upholding the assessee's contention that the value determined by the Assessing Officer (AO) in respect o....

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....ain paid further Rs.10 lakhs by way of an Account Payee cheque dated 06.09.1989. A compromise application under Order 22 Rule 3 CPC was moved and the statement of parties was recorded. Sh. Gurdayal Singh died on 13.12.1994 and the original owner of the property Sh.Tarsem Singh died on 13.08.1996. This, however, did not resolve the entire issue because some dispute between the LRs of Tarsem Singh b....

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.... Based upon his determination, the value of the property was decided to be Rs.2,75,25,780/-. After adjusting the sum of Rs.35 lakhs, the AO brought to tax the balance amount and determined the tax liability of Rs.60,06,445/-. 4. The assessee's appeal was apparently accepted and the CIT (Appeals) directed that instead of market value indicated by the DVO, the circle rate was to be looked into. T....

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.....09.1989, title was not conveyed to the purchaser even though he continued to be in the possession of the property. It is matter of fact that original owner Sh.Tarsem Singh died in 1996; Sh.Gurdayal Singh, his agent/guardian died in 1994. After his death, the LRs continued to contest the title and eventually the purchaser agreed to pay a further amount of Rs.35 lakhs. The ITAT took note of several....