2004 (1) TMI 28

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.... This appeal is filed by the Income-tax Commissioner (Appeals) under section 269H of the Income-tax Act, 1961, against the order made by the Income-tax Appellate Tribunal passed in Income-tax Acquisition Appeal No. 6 of 1986. The Inspecting Assistant Commissioner of Income-tax, Acquisition Range II, New Delhi, directed the acquisition of property, namely, 7, Court Road, Delhi. Acquisition Appeal N....

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.... and thus there was a difference from the apparent consideration by more than 15%. It may be noted that the competent authority referred the matter to the Valuation Cell and the Valuation Officer reported the value of the property as on December, 1978, to be Rs. 26,37,000. Since this was also more than the apparent consideration by over 15%, proceedings were initiated for acquisition of the proper....

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....y, whether there was an attempt to avoid taxes. The Tribunal also held that the Revenue could not point out whether there was any leased property in the neighbourhood of the property in question and whether transfers of those leasehold lands were made at the value as shown in the circulars relied upon by the Revenue. The Tribunal also held that the circulars being of general nature cannot form a s....

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....neous body of persons, who have purchased the property having come together in the form of a society known as brotherhood society. The Tribunal pointed out that in the facts and circumstances of the case it was difficult to arrange an under the table transaction. It is also required to be noted that the plot was very large one admeasuring 15,666 sq. yards. The Tribunal also observed that purchaser....