TaxTMI 
TaxTMI 
1983 (1) TMI 29
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....ding " bearing Plot No. 79 of Scheme No. 58 of Worli Estate of the Municipal Corporation of Greater Bombay. Her share was 3 1/2 annas in a rupee. By sale deed dated March 1, 1972, she sold one anna out of her share of 31 annas to her son Amrut in exchange for a house in Ramdaspeth at Nagpur, which was to be transferred in favour of the assessee. The value of one anna share was determined by the as....
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....et value of the property and the actual consideration disclosed by the assessee was more than 15% of the value declared by the assessee. In appeal filed by the assessee, the AAC, relying mainly on the decision of this court in Babubhai M. Sanghvi v. CIT [1974] 97 ITR 213, took the view that the ITO had failed to establish that the assessee had received anything more than Rs. 85,000 from the purch....
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....C and the Tribunal, in view of the statement of the law made by the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597 with regard to the requirements of ss. 52(1) and 52(2) of the I.T. Act. It has been pointed out by the Supreme Court that one of the conditions required to be satisfied for the applicability of s. 52(1) is that there has to be an understatement of the consideration in respe....