1988 (12) TMI 58

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....assessee sold land measuring 379 sq. yards for Rs. 32,000 during the accounting year relevant to the assessment year 1975-76. The Income-tax Officer considered that the rate at which the land was sold was low and in view of the provisions of section 52(2) of the Income-tax Act, 1961 (hereinafter called the "Act"), and some data before him added Rs. 63,388 as capital gain. On the assessee's appeal,....

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....peal before the Income-tax Appellate Tribunal, and a prayer was made that after setting aside the order of the Income-tax Officer, the matter should not have been remanded for a fresh decision and in any case permission should not have been granted for collecting fresh material. The Tribunal refused to set aside the remand order, but acceded to the assessee's prayer for not permitting the Income-t....

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....ssee, or, in other words, the full value of the consideration in respect of the transfer is shown at a lesser figure than that actually received by the assessee, and the burden of proving such understatement or concealment is on the Revenue. The understatement of not showing the full value of the consideration would be with a view to reduce the tax liability. Therefore, before invoking the provisi....