1997 (5) TMI 17

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....e competent authority has been set aside. Two transferors, namely, Rupinder Kaur, wife of Gurbir Inder Singh, and Gurbir Inder Singh son of Suchet Singh, sold their agricultural land measuring 86 kanals 6 marlas situated at Village Sultanpur and a farm house thereon along with fruit trees to United Farms, Village Sultanpur, Tehsil Kharar, for a consideration of Rs. 5 lakhs. The Inspecting Assistant Commissioner of Income-tax, Acquisition Range, Ludhiana (hereinafter referred to as "the competent authority"), after issuing notice to the transferors and the transferee initiated the proceedings for acquiring the land under Chapter XX-A of the Act. Several objections were raised by the transferee against the acquisition of the property. One ....

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....etween the parties had not been truly stated in the instrument of transfer, the property was ordered to be acquired. In appeal, the Tribunal accepted both the contentions raised by the transferee. It was held that the apparent consideration had to be taken separately in the hands of each of the transferors as per their share in the land. Similarly, it was held that the transferee in this case, was United Farms, which consisted of 10 partners, out of which one was having 20 per cent, share, seven were having 10 per cent. and two 5 per cent. share each. The apparent consideration in the hands of each of the transferees was less than Rs. 5 lakhs. in either case, whether in the hands of the transferors or in the hands of the transferees, the....