1985 (2) TMI 16

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....lore Bench (Tribunal) in I.T. (Acq.) Nos. 26 to 30/Bang/1974-75, affirming the order No. 900(12/737/73-74H) dated January 25, 1975, of the Inspecting Assistant Commissioner of Income-tax, Acquisition Range, Dharwar (" the IAC"), made under Chapter XXA of the Income-tax Act of 1961 ("the Act"). A small house property bearing No. CTS 3094 situated at Ward No. III Bhuspet, Hubli City, was owned by Sriyuths Kodanpur Gurulingappa Mallikarjunappa and Kodanpur Gurulingappa Channaveerappa (transferors). On June 30, 1973, the transferors sold the said property under registered instrument of that date to Sriyuths Vasant Malharirao Kachure, Shrikant Malharirao Kachure and Subbas Malharirao Kachure (transferees) for a sum of Rs. 25,000. On an examin....

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....f the Inspecting Assistant Commissioner, the transferors and transferees filed appeals in Appeals Nos. 26 to 30/Bang/7475, before the Tribunal under section 269G of the Act, which by its order made on April 15, 1975, called for findings from the Inspecting Assistant Commissioner, who duly complied with the same. On an examination of the earlier and additional findings recorded by the Inspecting Assistant Commissioner, the Tribunal by its order made on December 26, 1975, dismissed the said appeals and affirmed the order of the Inspecting Assistant Commissioner. Aggrieved by the said orders of the Tribunal and the Inspecting Assistant Commissioner, the transferors and the transferees have filed these appeals under section 269H of the Act. ....

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....ity reported by the very Departmental valuer. We find from the pleadings, the evidence, the orders and the report of the departmental valuer that Lamington Road area in Hubli City is one of the very important commercial and residential areas, of the city and the locality where the property was situated, namely, Bhuspet area, was not as important as Lamington Road area. We need hardly say that transactions of sales recorded in Lamington Road area at or about the time of sale, would be relevant and had to be taken into consideration in determining the fair market value of the property. From this it follows that the valuation report of the Departmental valuer on the sale transactions of Lamington Road area at or about the time of the transf....