GURAN DASS Vs. COMMISSIONER OF INCOME-TAX

JUDGEMENT

(1.) THIS appeal under Section 269h of the I. T. Act, 1961 (hereinafter referred to as "the Act") is directed against the order of the Income-tax Appellate Tribunal, Chandigarh Bench, dated January 5, 1976, dismissing the appeal of the appellant herein, preferred against the order of the competent authority dated April 1, 1975, acquiring under Chapter XX-A of the Act, a plot bearing Nos. 1004-1005, Sector 22-B, at Chandigarh, which the appellant and one Sudershan Devi had, per registered sale deed, dated May 5, 1973, jointly purchased for an apparent consideration of Rs. 1,25,000.

(2.) SINCE as per the report of the registered valuer furnished by the appellant-transferee, the fair market value of the plot in question was Rs. 1,30,000 as against the apparent consideration of Rs. 1,25,000, the presumption contained in Section 269c (2) (b) arose in the case and since there was no material on record to rebut the said presumption it was taken that the condition in Section 269f (6) (c) stood satisfied. In the light of the above, what remained to be examined was the question as to whether the fair market value of the property in question did or did not exceed by more than 15% of the apparent consideration. The Tribunal reckoned that if such market value of the property was over Rs. 1,43,750 then the order of the competent authority would not warrant interfering with.

(3.) THE Tribunal observed that before the competent authority, there was no report of any valuation officer, as defined in the Explanation below Section 269l read with Clause (r) of Section 2 of the W. T. Act, 1957. Similarly, there was no case of a comparable private sale.