KALYANJI KANJIBHAI VITHANI Vs. S.C. PRASAD

JUDGEMENT

(1.) PERUSED petition.

(2.) HEARD learned counsel for the petitioners and learned counsel for the respondents. the IT Act, 1961 ("Act" for short) contending that the order is erroneous, incorrect and contrary to the provisions of s. 269UA(b) of the Act and erroneously discounted the consideration payable under the agreement of Rs. 63,25,000 (excluding the earnest money of Rs. 5 lakhs for 114 days and determined the apparent consideration of Rs. 61,74,778) to the petitioner.

(3.) THE factual matrix giving rise to the petition is that the petitioners, on 21st Dec, 1993, had filed a statement of transfer of immovable property in Form No. 37 -I. The consideration was shown as Rs. 68,25,000.