1993 (8) TMI 3 - SC - Income Tax

Once it is admitted by the appellant and also by the transferor that the consideration that really passed between them is Rs. 90,000, while the document shows that the consideration is Rs. 49,000 only, it is clear that the requirements of section 269C(2) are satisfied - order of acquisition of the property is valid

Summary

The Supreme Court dismissed an appeal against the Madhya Pradesh High Court's judgment under section 269H of the Income-tax Act, 1961. The appellant admitted to a higher consideration amount than stated in the sale deed for a property in Bhopal. The court found no substance in the appeal as the admitted consideration satisfied the legal requirements. A writ petition challenging the constitutional validity of Chapter XX-A was also dismissed for lack of substantive arguments.