TMI Blog1991 (12) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... y situated in Area Colony, Bhopal for Rs. 1,50,000 on 30th June, 1982. He claimed the cost of acquisition of the said property at Rs. 89,430. The ITO referred the matter for the valuation of the property by the valuation Officer under s. 55A of the IT Act, 1961 (the Act) who in the first instance valued the property at Rs. 2,69,000 vide his report dt. 27th March, 1985, revised the same to Rs. 3,65 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... document of transfer is not sufficient to charge capital gains tax unless the assessee is shown to have received more than what is stated as consideration in the deed. Admittedly, there is no evidence in this case to show that the assessee had received more than what was declared or disclosed by him as consideration received. That being so, the issue involved herein stands squarely covered in favo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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