1976 (12) TMI 26

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....(Commissioner of Income-tax v. Mohan Singh) and 4A of 1975 (Commissioner of Income-tax v. Inderjit Singh) brought from the judgment of the Income-tax Appellate Tribunal dated November 21, 1974, reversing the judgment of the competent authority, as both the appeals arise out of the same transaction of sale. Inderjit Singh, respondent in Appeal No. 4 of 1975, transferred to Mohan Singh, responden....

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.... acquisition of the said plots under Chapter XXA of the Act. On appeal before the Appellate Tribunal, the finding of the competent authority respecting the fair market value of the said plots was challenged on the ground that the information collected from the Estate Officer, Chandigarh, as to the five public auctions held in May, 1971, and other auctions held in February, 1972, and relied upon....

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....two plots whose areas were known, were 1070-1071 and 1010-1011, the area of the former plot being 335,42 square yards and of the latter 287,5 square yards. Plots Nos. 1010-1011 were sold in auction in February, 1970, for Rs. 1,10,000 and the other plots in the month of May, 1971, for Rs. 2.03,000. Taking into consideration the appreciation in the market price at the rate of 7 per cent. their value....