AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2008 (1) TMI 934
X X X X Extracts X X X X
X X X X Extracts X X X X
....: Smt. Preetha S. Nair JUDGMENT C.N. Ramachandran Nair, J. - The reference is at the instance of the revenue and it is pursuant to direction of the Supreme Court in the SLP filed by revenue against judgment of this Court dismissing an O.P. filed under section 256(2) of the Income-tax Act for compelling reference of question of law. While the revenue contended that question raised is pure ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd force in the contention of the counsel for the assessee that the market value determined by the Assessing Officer as on 1-4-1981 at Rs. 1 lakh and refixed by the Tribunal at Rs. 2 lakhs is too low. In fact the property was purchased by the respondent-assessee in 1974 for Rs. 65,000. There is no basis for assuming that the actual sale price was declared by the assessee because assessee was found....