TaxTMI 
TaxTMI 
1998 (11) TMI 56
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....5 lakhs to Rs. 22 lakhs per ground. That view of the authority was based on two transactions under the agreement dated October 20, 1994. The proposed purchaser under those agreements was a developer who had purchased the two plots for the purpose of using the plots, together for further development. No question of tenancy which would decrease the value of the property arises in those cases. Though the transferor had not filed objections, the transferee in his objection to the show-cause notice stated that the transferee is a tenant and that he has been there for several years; that the transferor was obliged to the transferee because of the help provided by the transferee and his family on various occasions including in the admission of t....
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....unaware of the notice having been received and had not filed any objection to the notice. Counsel further submitted that the parents of the transferee were residing in the premises as tenants though the transferee himself was carrying on business at Vellore and that there are records, such as voters' list, rental receipts to show that the transferee was a tenant, that rents had been paid by the tenant, and that there are bank statements to substantiate the same. The transferor has stated that due to failure in memory, he had omitted to bring the factum of tenancy on record in the agreement and in Form No. 37-I. In the circumstances, the authority ought not to have held that the tenancy was doubtful and even if the tenancy was there, it wo....