9911796707
TMI Blog1976 (12) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... gh) and 4A of 1975 (Commissioner of Income-tax v. Inderjit Singh) brought from the judgment of the Income-tax Appellate Tribunal dated November 21, 1974, reversing the judgment of the competent authority, as both the appeals arise out of the same transaction of sale. Inderjit Singh, respondent in Appeal No. 4 of 1975, transferred to Mohan Singh, respondent in Appeal No. 3 of 1975, two commercial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter XXA of the Act. On appeal before the Appellate Tribunal, the finding of the competent authority respecting the fair market value of the said plots was challenged on the ground that the information collected from the Estate Officer, Chandigarh, as to the five public auctions held in May, 1971, and other auctions held in February, 1972, and relied upon by the competent authority, was at no sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -1071 and 1010-1011, the area of the former plot being 335,42 square yards and of the latter 287,5 square yards. Plots Nos. 1010-1011 were sold in auction in February, 1970, for Rs. 1,10,000 and the other plots in the month of May, 1971, for Rs. 2.03,000. Taking into consideration the appreciation in the market price at the rate of 7 per cent. their value in the month of March, 1973, was fixed at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Tribunal, thus, refused to take into consideration the market price of plots Nos. 1070-1071 on wholly irrelevant considerations and preferred to apply the rate of the other two plot Nos. 1010-1011 without any rational basis while determining the fair market price of the plots in dispute. We have, therefore, no option but to gush the impugned order of the Tribunal. The case will now go back to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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