9911796707
TMI Blog1987 (7) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... i.e. the plot in question should not be acquired under s. 269F of the Act. In response to the notice, the assessee submitted that the sale proceeds appeared in the sale deeds are the correct purchase price. The plot in question was not converted by the UIT Jaipur. No NOC has been issued till sale. The Inspector has unnecessarily taken the value of the plot at very high. Therefore, the property should not be acquired under s. 269F of the IT Act. The Competent Authority has relied on the Inspector's report and after approval of the Commissioner passe the order under s. 269F of the Act. 3. Being aggrieved the assessee came in appeal before us. The submission of the ld. Counsel for the assessee Shri Ranka was that the Inspector is not an expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Iyer relied on the order of the Competent Authority. 4. We have heard the rival submissions and considered the material on record. The facts are not in dispute that by these two sale deeds relating to plot No. D-73, the assessee has purchased the entire plot for Rs. 70,000. The value taken be the Inspector is Rs. 56,780 for half plot and it just doubled for the entire plot i.e. Rs. 1,13,560 as against the value shown by the assessee of Rs. 70,000 only. After this another Inspector was also deputed to find out the fact. He also in his report submitted that looking into the location, facilities in the area, the value of the plot should be taken as has been shown by his predecessor. The AAC has simply relied on the reports of the Inspec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per cent; 3. Ulterior motive of tax evasion or concealment of income for such untrue statement of apparent consideration in the instrument of transfer of such property, 4. Recording of reasons by the Competent authority, 5. Publication of the notice to that effect in the Official Gazette. In case before us the assessee a well as the seller has given the affidavit that the sale consideration shown in the sale deed is the real one and there is no underhand dealing. No contrary material has been brought on record by the Department that the assessee has given some own money as consideration to the seller. Therefore, in the absence of any material the consideration shown in the sale deed should be accepted as market value of the property. In thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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