1986 (9) TMI 99

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cultural land situated in village Katoghan in Tehsil Khage, Distt. Fatehpur at Rs. 40,250. At the very outset, the Authorised Representative for the assessee contended before us that Tribunal had consistently taken a view that the fair market price disclosed in form No. 37G filled before the Registration Officer was not the fair market value and as such, the same could not be said to be the admiss....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his disclosure made by him was neither the fair market value nor the property and in support of his contention he has placed reliance on the earlier decisions of the Tribunal, particularly that in the case of Dr. Mushter Shahnaz Suri. The Tribunal in the aforesaid decision, in the similar circumstances, has held that the value disclosed by the vendor/vendee at the time of sale in form No. 37G is n....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nce in the shape of account or documents. Therefore, he estimated the investment at Rs. 55,000. On appeal, it was contended that the estimate of investment at Rs. 55,000 was excessive. The AAC after considering the contention of the assessee, held as under; "In the immediately preceding assessment year the investment was shown at Rs, 27,100, which was enhanced to Rs. 35,000. The AAC had reduced th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nt in cement business confirmed by the AAC is perfectly in order and no interference in the matter was called for. 5. We have carefully considered the submissions of the parties. In the immediately preceding year, the assessee had shown investment at Rs. 27,100 which was enhanced by the ITO to Rs. 35,000 but in appeal it was restricted to Rs. 30,000 and no further appeal was preferred by the as....