1993 (5) TMI 10

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.... evidence at all to show that the assessee has received a higher price than disclosed. The reasons which have been recorded by the Income-tax Officer are as follows : "During the assessment year 1973-74, the assessee has sold its land with building at 65, G. T. Road, Howrah, for a consideration of Rs. 2,00,000 as per conveyance deed and disclosed income under the head 'Capital gains' at Rs. 13,000 and the assessment was completed accordingly. But subsequently, it was found on investigation that the market price of the said property was much more than the price shown in the sale deed. Hence, the case was referred to the Departmental valuer for ascertaining the correct and proper valuation of the property. The valuer, in his report date....

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....any jurisdiction to issue the impugned notice, the writ court can always interfere irrespective of the fact whether the assessment pursuant to such notice has been made or not. If the notice issued under section 148 of the said Act, which is the condition precedent for making reassessment is quashed, then the reassessment cannot stand and that is why the learned judge after quashing the notice under section 148 of the said Act also directed that if any assessment order has been passed pursuant to the said notice, the same would also be set aside and quashed. That apart, the assessee also challenged the said order of reassessment in the writ petition. If the notice goes, so also does the order of reassessment. The only question is whether....

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..... The valuer's report is after all a statistical hypothesis that leaves wide room for error on either side. It is no useful material for rational belief as to suppression of real consideration that passed in a transaction. In this case, apart from the valuation report which was relied upon by the Income-tax Officer, there was no material before him to come to the prima facie conclusion that the assessee has received a higher consideration than what has been stated in the deed. The valuer's report could be at best a reason to believe that the consideration shown falls short of the market value. The question is not what the market value is, the question is whether the assessee has concealed any part of the consideration and whether the assess....