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TMI Blog2010 (7) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... have determined the value of the Delhi property, the value of Ludhiana property determined by them might have been about Rs. 28,00,000/-. Therefore, in the absence of that exercise it is not possible to say that the consideration for the property in question is under stated in the deed of conveyance. – Decision of ITAT confirmed - 01, 02, 03 OF 1990 - - - Dated:- 21-7-2010 - Through: Ms. Prem lata Bansal, Advocate Through: Mr. Prakash Kumar, Advocate CORAM:- HON'BLE MR. JUSTICE A.K. SIKRI HON'BLE MR. JUSTICE REVA KHETRAPAL A.K. SIKRI, J. (Oral) 1. All these appeals have common factual background, therefore, our purpose would be served if we take note of the facts which appear in ITSA 01/1990. The Competent Aut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property following 1984 riots. As he was also getting in exchange, a house in Ludhiana for Rs. 12 lakhs, this factor thus prompted him to agree to sell for this amount; ii) At the time of purchase, partly the property was in a damaged condition and required major repairs; iii) The shape of the plot is taper and not rectangular; iv) At the time of purchase, the adjoining building was being utilized for running an institute for severely and profoundly mentally retarded people; v) There is a ganda-nalla immediately at the back side of it and also a washing clothes factory; vi) In the valuation report, the sale instance of Kirti Nagar has been taken which by no means can be considered comparable". 2. The Competent Authority, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e mentions the considerations Rs. 15,00,000/- given in the form of a house bearing no. 507 and situate at Model Town, Ludhiana and another sum of Rs. 3,00,000/- in cash. That house at Ludhiana was also built on a plot measuring 2,000 sq. yds. Thus the consideration for the transfer of the house in question to the appellants is the transfer in exchange of the house at Ludhiana plus the payment of Rs. 3,00,000/-. In order, therefore, that this consideration of house No. 507 and the sum of Rs. 3,00,000/- may be said to be under-stated, it should be found that the fair market value of the house at Ludhiana plus a sum of Rs. 3,00,000/- are less than the fair market value of the property in question. The learned Competent Authority has determined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... termined by them might have been about Rs. 28,00,000/-. Therefore, in the absence of that exercise it is not possible to say that the consideration for the property in question is under stated in the deed of conveyance. For the reasons discussed above, we hold that it is not established that the fair market value of the property in question exceeds the apparent consideration by more than 15 per cent. 14. As already stated one of the points raised by the learned counsel for the assessee was that at the time of initiation the learned Competent Authority had no material before it on the basis of which it could have reason to believe that the apparent consideration is less than the fair market value by more than15 per cent. The material that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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