1979 (3) TMI 34

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....se appeals have been filed under s. 269H of the I.T. Act, 1961 (hereinafter called " the Act "), in respect of an order passed by the Income-tax Appellate Tribunal allowing the appeals filed by the transferor as well as the transferee against the orders of the IAC of Income-tax acquiring certain property under s. 269F(6) on the ground that there has been an undervaluation in selling the property b....

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....at Rs. 30,000 can be taken to be fair; second is that, taking the sale price which the income-tax department itself adopted for purchasing the adjoining plot, the value given by the transferor in the sale deed for the land cannot be said to be too low; third is that the sale in question should be taken as a distress sale as the transferor was pressed for payment by his creditors and, therefore, th....