A PREMCHAND Vs. INSPECTING ASSISTANT COMMISSIONER

JUDGEMENT

(1.) THESE appeals and cross appeals are directed against a common order made by the Income-tax Tribunal, Bangalore Bench (Tribunal), on May 6, 1975, in Appeal Nos. I.T.A. (Acq.) Nos. 17 to 20 and 23 of 1974-75 reversing the order No. CR 62/1808/73-74/Acq. (B) dated November 30, 1974, of the IAC of Income-tax Acquisition Range, No. 41, Bangalore ("IAC"), made under Chapter XX-A of the I.T. Act of 1961 (Central Act No. 43 of 1961) ("the Act").

(2.) HOUSE property bearing old No. 76/89, new No. 111 situated at Diagonal Road, Visveswarapuram, Bangalore-4 was owned by one D. S. Anantha Rao, respondent in I.T.R. No. 29 of 1976 ("transferor"). On October 10, 1973, by a registered instrument of transfer, the said Anantha Rao sold the same to Sriyuths (i) A. Kheemraj, (ii) A. Premchand, (iii) A. Hukmichand, and (iv) B. Parasmal of Bangalore ("transferees") for a sum of Rs. 2,00,000.

(3.) AGAINST the order made by the IAC, the transferees and the transferor filed appeals in Appeals Nos. 17 to 20 and 23 of 1974-75 under s. 269G of the Act before the Tribunal. Before the hearing of their appeals, the appellant sought the leave of the Tribunal to urge on additional ground to the effect that the proceedings initiated by effecting service of notice on them even before the publication of the notice in the Official Gazette was an invalid assumption of jurisdiction by the IAC and the completion of proceedings for acquisition were void at law and invalid. On allowing the said additional ground to be urged, the Tribunal by its common order dated May 6, 1975, has accepted the same and has allowed the said appeals, however holding against them on the fair market value of the property acquired by the IAC.