SUBBAS MALHARIRAO KACHURE Vs. INSPECTING ASSISTANT COMMISSIONER

JUDGEMENT

(1.) THESE appeals are by the appellants and are directed against the common order dated December 26, 1975 of the Income-tax Appellate Tribunal, Bangalore Bench (Tribunal) in I.T. (Acq.) Nos. 26 to 30/Bangl 1974-75, affirming the order No. 900(12/737/73-74H) dated January 25, 1975, of the Inspecting Assistant Commissioner of Income-tax, Acquisition Range, Dharwar ("the IAC"), made under Chapter XXA of the Income-tax Act of 1961 ("the Act").

(2.) A small house property bearing No. CTS 3094 situated at Ward No. III Bhuspet, Hubli City, was owned by Sriyuths Kodanpur Gurulingappa Mallikarjunappa and Kodanpur Gurulingappa Channaveerappa (transferors). On June 30, 1973, the tranferors sold the said property under a registered instrument of that date to Sriyuths Vasant Malharirao Kachure, Shrikant Malharirao Kachure and Subbas Malharirao Kachure (transferees) for a sum of Rs. 25,000. On an examination of the details of the property, the apparent consideration stated in the instrument of transfer and recording his reasons thereto under section 269C of the Act to the effect that the fair market value of the property exceeded the apparent consideration by more than 15 per cent., the Inspecting Assistant Commissioner directed the issue of notice under section 269D of the Act. The notice under section 269D(1) of the Act was published in the Government of India Gazette, dated December 22, 1973, and the notice under section 269D(2)(a) of the Act were duly served on the transferors and the transferees. Even the other notices were duly effected by the Inspecting Assistant Commissioner.

(3.) SRI G. Sarangan, learned advocate has appeared for the appellants. SRI K. SRInivasan, senior standing counsel for the Income-tax Department, has appeared for the respondent.