1981 (8) TMI 102

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....ssee. 2. The assessee transferred one-fourth interest in the immovable property at 40, Old Ballygunge Second Lane, Calcutta, in 1970-71 financial year to his wife for Rs. 69,000 by a conveyance deed dated 14-12-1970. The ITO held that the capital value of the rights of the assessee in the portion of the transferred property came to Rs. 1,82,500 and as the assessee had transferred the said prope....

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....ed departmental representative stressed that the consideration paid by the assessee's wife for one-fourth share in the property was totally inadequate. He referred to the Tribunal's order in the case of the assessee for the assessment year 1967-68 where the value of the entire property had been determined at Rs. 7 lakhs. The Tribunal had occasion to consider the sale of one-fourth share in the ass....

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....as Rs. 1,38,000. The main reason for the Tribunal not accepting the assessee's valuation of the property for the assessment year 1967-68 was that the events on which the assessee relied to establish that the market value of one-fourth of the property was Rs. 69,000 were subsequent to the valuation date and, as such, were not relevant for the assessment in appeal before them. The Tribunal had also ....

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....for the revenue to bring on record any material, if any, in their possession to show that the transaction was collusive and the consideration paid by the assessee's son was understated. No such evidence is forthcoming. Further, taking into account the disturbed conditions of the city during 1970, property values were bound to be low compared to the value prevailing in periods subsequent to 1971. W....