COMMISSIONER OF INCOME-TAX Vs. PREM NATH ANAND

JUDGEMENT

(1.) THIS judgment will dispose of Income-tax Appeals Nos. 6, 6a-2, 9 and 5 of 1975, as common questions of law and fact arise therein.

(2.) BY four separate registered sale deeds dated March 25, 1973, Mohan Lal, Ram Sarup, Ram Lal and Daulat Ram sold their shares in the property comprising 8 shops and 5 sheds situated in the Industrial Area, Batala Road, Amritsar City, for a sum of Rs. 25,760 for 28/100 share, Rs. 23,000 for 25/100 share, Rs. 25,760 for 28/100 share and Rs. 17,480 for 19/100 share, respectively, to Khushal Chand, Prem Chand, Jagdish Lal and Abinashi Lal.

(3.) THE appeals filed by the transferees were allowed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, on the ground that the proper way of determining the fair market value of the property was to fix it at 12 times the annual rent after giving a rebate of 6% of "the annual rent for repairs. On this basis, the Tribunal came to the conclusion that the fair market value of the property was Rs. 1,00,224 and since it did not exceed by more than 15% of the apparent consideration, the impugned property was held to be not acquirable.