COMMISSIONER OF INCOME TAX Vs. RITA JOSEPH MRS

JUDGEMENT

(1.) THE Revenue has come up with this appeal against the order made by the Appellate Tribunal in exercise of its appellate jurisdiction under Section 269G of the Income-tax Act, 1961.

(2.) THE respondent purchased an extent of about 9 grounds 1239 square feet, 3 grounds 1674 square feet and 5 grounds 505 square feet, respectively, in a residential locality adjoining the Boat Club in the city of Madras for a sum of Rs. 4,28,000, Rs. 92,000 and Rs. 1,30,000 respectively, under the sale deeds dated June 6, 1980. Possession of that area had been handed over to them much earlier in June, 1979, and the entire consideration had also been paid earlier. THE sale deeds were registered on July 21, 1980.

(3.) LEARNED senior counsel for the Revenue, however, strongly contended that the Revenue is entitled to the benefit of the presumption under Section 9C(2)(b). That provision reads as under :