9911796707
TMI Blog1985 (4) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... inder Nayyar, all sons of Shri Chunni Lal near Sirki Banda, Amritsar. Every one of them held 1/4 share in the property. The property consisted of the plot measuring 1827 sq. yds. The building was single storeyed and was only half built. When the Assistant Valuation Officer visited the property for inspecting it, he found the construction of the property was in progress. This supported the fact mentioned in the registered deed that the property at 138, Race Course Road was only a half finished or partly built property. Each transferror transferred his 1/4th share held by him by a separate deed to the three transferees, Shri Subash Vohra, Shri Kuljeet Vohra and Smt. Sumitra Devi all resident of Bagh Ramanand, Amritsar. While the two of the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction raised several pleas. These are contained in para 7 of the order of acquisition and are reproduced below: (i) That the proceedings have been initiated without sufficient reasons and in the absence of 'reasons to believe' that there was a collusion between the parties to understate the apparent consideration with an object to avoid tax liability or concealment of any income or any asset, the provisions of s. 269C (2) are not applicable to the facts of the case. (ii) The valuation report as put by the Asstt. Valuation Officer is grossly erroneous. (iii) The ld. Asstt. Valuation Officer has miserably failed to identify as to which portion was constructed after the purchase and which portion was already in existence as no demarca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to impugne the order. One of the contentions was that the order of acquisition passed was bad order as one of the essential requirements for recording the reasons was not followed by the Competent Authority correctly. Referring to sub-s. (2) of s. 269 B he submitted that the requirements laid down in sub-s. (2) were missing in the reasons recorded. According to him, the reasons recorded by the Competent Authority were on a printed form where there could be no application of mind. In this connection, he referred to an order passed by this Bench in I.T. Acq. No. 1 of 1983 in the case of Shri Darshan Lal Moga, etc v. IAC (Acquisition), Jalandhar, where this Bench observed "the reasons recorded on a printed form where some small entries were f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest held by the four transferees. On the other hand, Departmental Representative supported the order of the IAC (Acq.) and he submitted that the counsel for the assessee had not taken note of the reasons recorded on the other side of the printed form. He had been misled by the by the perusing the other side of the page which was a printed form. referred to the hand scribbled note containing the reasons recorded. Therefore, the point he made out regarding the absence of reasons recorded was not correct. As far as the charge that the Asstt. Valuation Officer was not entitled to make the valuation of the aforesaid property he read the provision contained in sub-cl. (iii) of cl. (3) of WT Rule 3A. Jurisdiction of the Asstt. Valuation Officer w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm. We reproduce the reasons recorded as under: "I have carefully considered the V.O's report No. 1948 of 19th Oct., 1980 of A.V.O. in the case of the following transferees: (i) Shri Subash Vohra, Kuljit Vohra, Smt. Sumitra Devi 1/4th share (ii) Smt. Sumitra Devi, Kuljit Vohra Subash Vohra 1/4th share In respect of property No. 138, Race Course Road, Shastri Nagar, Amritsar registered under deeds No. 3531 dt. 27th Feb., 1980, 3555 of 1st March 1980, 3660 of 10th March 1980 and 3790 of 22nd March 1980. The transferees claimed before the A.V.O. that there rear portion of the property was old construction and the remaining portion of the property was constructed after the purchase but no evidence wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted by him. Taking this view of the matter. We are not persuaded that Competent Authority had properly assumed the jurisdiction to initiate the proceedings for the acquisition of the property under Chapter XXA. Therefore, without going into other pleas raised by the counsel for the assessee and recording our finding thereon, we have no hesitation that assumption of jurisdiction by the Competent Authority was not well founded on law or facts. It is only when the understatement of the consideration is done with a view to enable the transferee or transferors to avoid tax either under the IT Act or the WT Act that the Competent Authority is entitled to initiate the proceedings for the acquisition of the property after recording the reasons und ..... X X X X Extracts X X X X X X X X Extracts X X X X
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