9911796707
TMI Blog1992 (7) TMI 122X X X X Extracts X X X X X X X X Extracts X X X X ..... tamp duty and registration charges at Rs. 1,35,000. The GTO was therefore of the opinion that the appellant has transferred the property otherwise than for adequate consideration and invoked the provisions of section 4(1)(a) of the Gift-tax Act, 1958 and computed the taxable gift in a sum of Rs. 65,000, being market value less apparent consideration. Not being satisfied the matter was taken in appeal before the learned D.C. (Appeals). The D.C. (Appeals) for the reasons discussed by him in impugned order, confirmed the action of the GTO holding that the appellant had transferred the property for inadequate consideration and the provisions of section 4(1)(a) did get attracted. Being unsuccessful with the D.C. (Appeals), the present appeal has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1] 131 ITR 313 and that of the Hon'ble Supreme Court in the case of K.P. Verghese v. ITO [1981] 131 ITR 597. 4. Relying on the orders of the lower authorities, the learned DR on the other hand submitted that it is not correct to say that the values fixed by the registration authority under the Stamp and Registration Act for purposes of stamp duty and registration charges are arbitrarily fixed. The Registrar of Assurance have authority under the Stamp and Registration Act and empowered to fix the value of the property and the market value fixed for purposes is having basis and the GTO did not go wrong in invoking the provisions of section 4(1)(a) and assessing the appellant accordingly. He also distinguished the authorities cited by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Andhra Pradesh Law Journal 1992(1) dated 10-6-1992 at page-89 under the "Short Notes of recent cases", wherein their Lordships have held as under: " The values given in the Basic Value Register cannot be taken as guiding figures to arrive at the reasonable market rate for the land acquired. The values given in the Basic Value Register are fixed taking into account the block-wise area but not on scientific data. When the rates in the Basic Value Register have been fixed on area-wise, without any scientific data the values mentioned in the Basic Value Register cannot be treated as comparable values of market value at the relevant time. The values given in the Basic Value Register can at best be taken into consideration for the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced before us nor we find the same being available with the Assessing Officer to satisfy him that the transfer was not bonafide and that it was tainted with oblique motives, particularly to evade tax. We have also taken note of the decision of the Hon'ble Supreme Court in the case of K.P. Varghese wherein their Lordships at page 615 have observed : " It is a well settled rule of law that the onus of establishing that the conditions of taxability are fulfilled is always on the revenue and. . . . " In our view, therefore, the Assessing Officer was not justified in assessing the appellant invoking the provisions of section 4(1)(a) of the G.T. Act. We therefore vacate the orders of the authorities below and allow the appeal of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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