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TMI Blog1983 (11) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... 1980 and No. 2860 of 2-7-1980 for apparent considerations of Rs. 37,000 and Rs. 35,710, respectively. The two plots, total in area to 36 marlas 74 sq. ft. for which a total consideration of Rs. 72,710 was received. The transferee, for both these plots was Shri Gurmit Singh, s/o Kartar Singh of village and P.O. Dolika Sunderpura, Jalandhar. The competent authority apprised himself from a report of the Inspector that another plot in front of the plots in question was sold at the rate of Rs. 3,100 per marla in the year 1977. Therefore, according to the Inspector, after allowing 30 per cent for the time gap and 20 per cent rebate on account of the bigger size of the plot, he worked out the fair market rate of the plot transferred to Shri Gurmit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the sale of two plots to the transferee, Shri Gurcharan Singh. He also referred to certain sale instances to show that the rate at which he had purchased the plot was the fair market rate and that there was no understatement in the sale deeds. But the competent authority was not satisfied with his pleas and, in his view, the correct rate could be estimated at Rs. 2,000 per marla. According to this rate, the fair market value of the plot would come to Rs. 90,888 for the undeveloped plot. Realising this to be the fair market value, according to him, one could not help finding that there was understatement of the consideration in the sale deeds. He passed an order under section 269F(6) on 10-8-1983 to acquire the two plots. The transferee fel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground surface of the plot was much below the ground level of the surrounding plots. The assessee had to incur a lot of expenditure which had been accepted by the competent authority. Therefore, he made the estimate of the fair market value on the basis of the rate of the adjoining plot, without noticing the fact that when he had purchased the plot, the plot being greately depressed, the transferee had to incur an expenditure of about Rs. 35,000 to Rs. 40,000. If the expenditure over filling is taken out from the fair market value assessed by the Inspector, it will decrease the value to a little over Rs. 75,000, which will not show that the aggregate consideration of Rs. 72,700 paid by the assessee, was an understatement within the meaning ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Supreme Court has held, that, for acquiring satisfaction, there must be some material, but it was not necessary that the Court should question the adequacy of the material in this respect. It was not open to assail the satisfaction of the competent authority on the ground that there was no adequate material. The adequacy of the material could not be looked into by the Courts. He therefore, rebutted the plea advanced on behalf of the assessee that the competent authority had erroneously assumed jurisdiction to proceed under section 269C to acquire the proper satisfaction for understatement of the consideration in the sale deeds. 4. Having considered the facts on record, we cannot turn down the plea of the transferee that the compet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... neighbourhood or the locality of the plots. There is no description of the exact site of the two plots given in this report. There is no reference to the shape of the plots. There is no information available, as we have already indicated about the condition of the plots as it requires filling, at a considerable expenditure undertaken by the transferee, a fact, which have been accepted by the competent authority. The value of a plot depends mainly on three factors, viz., location, its shape and condition and the neighbourhood. There is no information available regarding any of them. There is no mention that there were two plots which had been sold together to one transferee. There is no light why the two plots had to be sold to one transfere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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