TaxTMI 
TaxTMI 
1979 (7) TMI 75
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.... of the petitioner is that she is assessed to income-tax under the provisions of the Act as an individual. During the assessment year 1972-73, relating to the accounting year ending on October 19, 1971, the assessee purchased a plot of land, marked B-7A, having an area of 1,799.9 sq. yards in the city of Jaipur from M/s. Vinay Chand Pravin Chand for a sum of Rs. 45,000 by means of a sale deed dated June 5, 1971, which was duly registered on July 17, 1971. In the course of the assessment proceedings for the aforesaid assessment year 1972-73, the ITO, Central Circle-2, Jaipur (hereinafter referred to as " the assessing authority "), informed the assessee that the fair market value of the said plot purchased by her has been held to be Rs. 81,0....
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....filed an appeal before the AAC, who by his order dated September 5, 1975, partly allowed the appeal and reduced the amount of unexplained investment from Rs. 36,000 to Rs. 23,400. A further appeal filed by the assessee before the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, was dismissed by its order dated November 30, 1976, and thus the Tribunal confirmed the order passed by the AAC. An appeal preferred on behalf of the revenue in the same matter was also dismissed by the Tribunal by the very same order. Then the assessee filed an application before the Income-tax Appellate Tribunal, under s. 256(1) of the Act, for making a reference to this court, but that application was also dismissed by the Tribunal by its order dated March 28,....
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....re hardly any buyers available in the case of bigger plots of land and that on that account when large chunks of land are sold, the price thereof is comparatively less, if calculated on the basis of per sq. yard, as com- pared to the value of smaller plots of land. Learned counsel also submitted, on the basis of the Valuation Officer's report, that the plot of land, which on sub-division had fallen to the share of the assessee, is in the rear of all other plots of the main plot. Learned counsel further submitted that the Valuation Officer's report under s. 55A the I.T. Act, 1961, as well as the proceedings taken against the vendor, M/s. Vinay Chand Pravin Chand, under s. 55A of the Act were taken behind the back of the assessee and the asse....
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....rity merely presumed that the property would have fetched higher price. On the other hand, learned counsel for the revenue argued that no question of law arises in the matter as the finding of the Tribunal is based on appraisement of evidence placed before it and reliance was placed by him upon the decision of the Delhi High Court in Hari Chand and Prem Chand Bassi v. CIT [1974] 94 ITR 557 (Delhi) and that of the Allahabad High Court, in Sahu Dharmata Saran v. CWT [1971] 80 ITR 194 (All), for the submission that the question of determination of the correct value of a valuable asset cannot be regarded as a question of law. We have considered the submissions put before us by the learned counsel for the parties. Section 69B of the Act requir....
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....ating the concealment of any income from other assets, which have not been disclosed by the transferee. In our view, the case involves matters relating to the proper interpretation of the provisions of ss. 52(2), 55A and 69B of the Act and as such the following two questions of law do arise out of the order of the Income- tax Appellate Tribunal, Jaipur Bench, dated November 30, 1976 : " 1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in computing the undisclosed investment of the assessee on the basis of the fair market value of the property in question, as determined under section 55A of the Act ? 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appe....