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2014 (6) TMI 408 - ITAT PANAJICondonation of delay - Validity of order u/s 269F(6) of the Act – Ancestral property mortgaged – Motive to evade tax u/s 269C of the Act - Held that:- The assessee has produced the order of Acquisition Officer wherein the Inspecting Assistant Commissioner of Income Tax, Acquisition Range, Dharwar, the Competent Authority has passed the order - the fair market value of the immovable property under consideration would be not less than ₹ 1,40,000 as against the apparent consideration of only ₹ 45,000 - Thus it would be clear that the fair market value of the immovable property would exceed the apparent consideration at least by 25% of such apparent consideration, if not more - This shall be conclusive proof that the real consideration agreed to between the parties had not been truly stated in the instrument of transfer - The immovable property under consideration is a capital asset within the meaning of Section 2(14) of Income tax Act, 1961 and the profits arising on the sale of the same would be liable to capital gains tax - any understatement of real consideration in the transfer document would definitely facilitate the transferor to reduce or evade his liability to capital gains tax in respect of the transfer - In the case of the transferee also the rebuttable presumption that the understatement of the real consideration in the transfer document had been done with a view to facilitate him to evade taxes in the manner laid down in Section 269C(1)(b) of the Income Tax Act, 1961 has not been rebutted with any evidence leave alone convincing evidence. The mere assertion that the price paid is what has been shown in the sale document cannot be accepted in the light of the special Rules of Evidence introduced under Chapter XXA of the Income tax Act, 1961 through Section 269C(2)(b) unless the contrary is shown – the assertion is only a self-serving statement without any independent evidence - all the requirements of Section 269F(6) of the Act, 1961 are satisfied - the application for condonation of delay is dismissed and assessee’s appeal is dismissed – Decided against Assessee.
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