1987 (5) TMI 52

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....n passed by the Competent Authority, in respect of Office No. 4B, 6th floor, New Excelsior Theatre of which the appellant was the transferee. The property in the question had been transferred for a consideration of Rs. 3,50,000. The sale was registered on 27th Jan., 1983. The matter of valuation of the property was referred to the Valuation Officer who valued the property at Rs. 4.75 lakhs. After ....

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....the fair market value proceeded to presume that there was understatement of the consideration in the instrument and further presumed that this was with the object of avoidance of tax or concealment of income. It was submitted that there was no other material brought on record to show that the consideration which had passed was anything more than what was stated in the instrument. There was also no....

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....d not be initiated w.e.f. 1st April, 1986 It was further stated that were acquisition proceedings have been initiated by issue of notice under s. 269D, proceedings should be dropped if the apparent consideration of the immovable property is below Rs. 5 lacs. It was, therefore, contended that even at the appellate stage, proceedings can be challenged on the ground that the Govt. itself has decided ....