COMMISSIONER OF INCOME TAX Vs. KARNI SINGH

JUDGEMENT

(1.) HEARD learned counsel for the Revenue. We need not go into the factual aspects in detail to answer the following question which has been referred at the instance of the Revenue by the Appellate Tribunal, Delhi Bench 'E' (for short the Tribunal), under S. 256(1) of the IT Act, 1961 (for short 'the Act'), for opinion of this Court:

(2.) TRIBUNAL recorded a categorical finding that the fair market value of the property was Rs. 11 lakhs as declared by the assessee or as shown in the sale deed. The ratio of the decision of the apex Court in K.P. Varghese vs. ITO (1981) 34 CTR (SC) 358 : (1981) 131 ITR 597 (SC) : TC 22R.105 is fully applicable to the facts of the present case. Therefore, question referred is answered in the affirmative, in favour of the assessee and against the Revenue.