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TMI Blog1987 (5) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... xcelsior Theatre of which the appellant was the transferee. The property in the question had been transferred for a consideration of Rs. 3,50,000. The sale was registered on 27th Jan., 1983. The matter of valuation of the property was referred to the Valuation Officer who valued the property at Rs. 4.75 lakhs. After considering the various arguments and the facts, the Competent Authority held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration in the instrument and further presumed that this was with the object of avoidance of tax or concealment of income. It was submitted that there was no other material brought on record to show that the consideration which had passed was anything more than what was stated in the instrument. There was also no material to show that such understatement was with the objects as given in the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion proceedings have been initiated by issue of notice under s. 269D, proceedings should be dropped if the apparent consideration of the immovable property is below Rs. 5 lacs. It was, therefore, contended that even at the appellate stage, proceedings can be challenged on the ground that the Govt. itself has decided to drop such proceedings. 4. The departmental representative submitted that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he initiation of the proceedings were bad in law. On the second ground also, we find force in the submission that the apparent consideration being less than Rs. 5 lakhs, the proceedings should result in non-acquisition as per policy of the Government. Even the value as per the Valuation Officer was less than Rs. 5 lakhs. As we have held, the initiation of proceedings to be bad in law, we do not co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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