1982 (2) TMI 5 - HC - Income Tax

Summary

The High Court of Madhya Pradesh dismissed an appeal under s. 269H of the I.T. Act, 1961, against the Tribunal's order dated 31st August, 1976. The appellant purchased a house for Rs. 49,000, but the Valuation Officer valued it at Rs. 85,600. The true consideration was admitted to be Rs. 90,000, leading to a presumption under s. 269C(2)(b) that the consideration was understated to evade tax. The appellant failed to rebut this presumption, and the appeal was dismissed with costs.