2004 (9) TMI 81

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.... land measuring 1032 sq. yards on Railway Road, Gurgaon, vide registration deed dated July 7, 1973, for an apparent consideration of Rs. 1,25,000 from M/s. Tubular Rivets Private Limited, New Delhi. The competent authority made a reference to the Valuation Officer under section 269-L of the Income-tax Act, 1961 (for short "the Act") who determined the fair market value of the said property at Rs. ....

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....he petitioner filed an appeal before the Income-tax Appellate Tribunal, Chandigarh Bench (for short "the Tribunal") which was allowed vide order dated July 28, 1978, and the acquisition order was set aside on the ground that the mandatory provisions of section 269D(2) of the Act had not been followed. The Revenue filed an appeal against the order of the Tribunal in this court being Income-tax A....

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....ainst the said order of the Tribunal in this court. It is not necessary to prolong litigation in this case in view of the subsequent events. The Central Board of Direct Taxes has issued Circular No. 455 on May 16, 1986, reported at [1986] 159 ITR (St.) 105 wherein it has been stated that the Board has decided that where the acquisition proceedings had been initiated by issue of notice under sec....