2001 (4) TMI 28

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..... come-tax Act, 1961, (hereinafter referred to as "the Ace'), in relation to the property sold to the assessee under a sale deed dated December 11, 1985. The apparent sale consideration in the sale deed was Rs.9,50,000. The property is situated in Poonamallee High Road, Kilpauk, Madras. The Inspecting Assistant Commissioner had made an order under section 269F(6) for the acquisition of the proper .....

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..... monies or other assets which have not been and which ought to-be disclosed by the transferor for the purpose of the Act. We have not been shown anything from the record to differ from the finding of the Tribunal. The finding recorded by the Inspecting Assistant Commissioner directing the acquisition, is an order which seeks to derive support from section 269C(2). However, the presumptions provided .....

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..... ther assets which have not been or which ought to be disclosed by the transferor for the purposes of the Act. Unless all these requirements are satisfied the initiation of the proceedings itself would be vitiated. Any presumption that the Department may seek to draw on the basis of sub-section (2) would not be of any assistance to the Revenue. There must be a positive finding based on material t .....

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