TaxTMI 
TaxTMI 
1978 (6) TMI 40
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....is vested in the competent authority who is the Assistant Commissioner of Income-tax, so nominated under the main Act, who, if he has reason to believe that in the case of transfer of immovable property there has been a suppression of the real price and that the apparent price reflected in the instrument of transfer is less than the fair market value of the property, and, if he is also of the view that the consideration for such transfer as agreed to between the parties has not been truly stated in the instrument of transfer with the object of facilitating reduction or evasion of the liability of the transferor to pay income-tax or facilitating concealment of any income, etc., may initiate proceedings under the Act for the acquisition of su....
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....ssurances, who was equally a competent authority, within the dictionary meaning of the term, valued it at Rs.1,03,000. We say, he was a competent authority, because at or about the time when the documents were being registered for the purpose of registration of such transfers, he had a right to independently value the property not only for the purpose of assessment of stamp duty, but also for the purpose of charging the instrument for appropriate registration fees. The Tribunal noted that the Sub-Registrar had valued the property at Rs.1,03,000 and ultimately held that, since the Sub-Registrar had arrived at the proper market value of the property for the purpose of stamp duty, there was no reason to adopt a lesser price or a different pric....
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.... reads as follows : "If in an appeal under section 269G against the order for acquisition of any immovable property, the fair market value of such property is in dispute, the Appellate Tribunal shall, on a request being made in this behalf by the competent authority, give an opportunity of being heard to any Valuation Officer nominated for the purpose by the competent authority." Admittedly, no attempt has been made by the competent authority to produce the Valuation Officer before the Tribunal so that the Tribunal could hear him so as to assess the fairness or otherwise of the valuation made by the Valuation Officer. For what reason the Valuation Officer has been kept out from the purview of the Tribunal is not clear. It, however, ap....
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....uted as the appellate authority so as to prompt it to accept the so-called fair valuation of the Valuation Officer. But in cases where the competent authority is not prepared to place the Valuation Officer before the Tribunal for the purpose of substantiating his valuation which is styled as the fair market value of the property, then it would be unfair to badge the ultimate decision of the Tribunal based on other relevant material noticed by it as a perverse order. In the instant case, two singular factors formed the basis as it were for the conclusion of the Tribunal. Firstly, the Tribunal noticed that it was a distress sale, and that was because the transferor had to leave Coimbatore for Hyderabad for good. This is accepted and there is ....