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2006 (2) TMI 79 - HC - Income Tax"(A) Whether or not when the returns and the statements of the seller admit higher sale consideration actually received, the Revenue is justified in fixing the sale consideration at the higher amount than what has been declared? (B) When the assessee did not give any explanation to the notings found and at the same time the Revenue is able to corroborate the same with the statement of the seller for the purpose of determination of actual sale value, would the lower authority be justified in interfering with the same? (C) When consistent sworn statements were taken into consideration along with evidences found at the time of search, would they all be liable to be rejected on the basis of one statement in between contradicting the earlier ones which was also explained away as a result of intimidation?" - AO did not conduct any independent enquiry relating to the value of the property purchased. He merely relied on the statement given by the seller. If he would have taken independent enquiry by referring the matter with the Valuation Officer, the controversy could have been avoided. Failing to refer the matter was a fatal one. In view of the foregoing conclusions, we find no error in the order of the Income-tax Appellate Tribunal and requires no interference
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